Bank of Ireland's advertisements show it has changed its mortgage lending policy, the Minister for the Environment reacts angrily and another "controversy" is born.
So far there has been more heat than light in the debate on home loans. The facts are the following.
There are not - and never have been - any formal mortgage "guidelines" set down by the Central Bank. The traditional rule used by lenders has been to give 2.5 times the income of the main earner in the family added to one time the secondary income.
Generally no more than 90 per cent of the price of the home is extended to borrowers.
These have emerged as industry customs, or "norms", and are not written down in any legislation, or even in formal guidelines from the Central Bank.
While the Central Bank has no set-down rules on the subject, it does closely monitor the lending policies of the banks.
In recent months it has been concerned that banks were lending too much, risking a rise in bad debts if interest rates increased and also fuelling the rise in house prices.
In March it wrote to three lenders, warning them about their policies. At the end of April it issued a general letter to banks and building societies, accusing them of "disturbing practices" in assessing the size of loans.
Among the policies it was concerned about were the absence of records in some of the bank or building society branches of where the borrower was getting the balance of the loan, a policy of lending based on potential future earnings and loans being extended on the basis of extended room rental and parental guarantees.
Recently it has written again to lenders warning them to conduct detailed "stress tests" on mortgage loans; in others words, calculating whether borrowers could repay if interest rates rose.
Against this background, Bank of Ireland and AIB have recently altered the rules, one increasing the incomes multiple it uses as the basis for a loan and the other moving to an assessment based on after-tax incomes.
First Active has also moved away from the traditional norms. And many of the other banks or building societies use the old norms as guidelines and frequently lend more, particularly to higher earners, based on calculations of affordability.
So Bank of Ireland, traditionally one of the more cautious lenders, is no doubt feeling a little miffed about the ministerial interventions. It argues that it has fully cleared its practices with the Central Bank, as do First Active and AIB.
And unfortunately the Central Bank would not comment in detail on its view yesterday, although it may say more at the publication of its quarterly report today.
What is needed is a pragmatic approach, monitored by the Central Bank, which ensures, based on a number of criteria, that too much is not lent. In some cases loans above the traditional norms will be justified, but the Central Bank is clearly unhappy with some of the practices used by lenders.
In the fight for market share, it has a tough job in keeping the lenders in check, but Bank of Ireland may not be one of the institutions causing the most concern to the regulators in Dame Street.