Stephen Donnelly (Wicklow, Independent) | Oireachtas source

Great. I appreciate that Mr. Sheridan is not here to talk about it. I do not want to give the impression that I am trying to ambush him on it. The question I am asking is specifically linked to charges. I have made a submission because I am deeply concerned about what the proposed changes will do to citizens in this country. I guess that is for another day. The Central Bank acted correctly and admirably in 2010 when it instructed the banks not to impose surcharges on mortgages in arrears if the borrowers in question came under the protection of the code of conduct on mortgage arrears. That was welcome. It was a great move. The proposed revisions open up numerous new avenues for banks to get borrowers away from the protections of the code of conduct. When a borrower is designated as non-co-operating, he or she will no longer enjoy the protection of the code of conduct. The proposed changes open up numerous ways for the bank to make such a designation - ways which were not available to the banks in the past. Is the Central Bank concerned that its admirable 2010 instruction to banks not to keep ratcheting up the charges on distressed borrowers in arrears will no longer apply and such practices will happen again? The revised proposals make it much easier for banks to get borrowers out of the process and away from the protections of the code of conduct. Therefore, they will enable the banks to start stacking up the charges again.