Professor Patrick Honohan:

I am not quite sure of the correct answer to the question but the matter is probably not part of our mandate. As with all other consumers, tenants should be protected. However, they are not consumers of financial services and do not come within the perimeter of the Central Bank's jurisdiction. The owners of buy-to-let properties or borrowers could in principle be treated as consumers. The behaviour of banks in relation to all borrowers is governed by a number of codes. The specific codes on mortgage arrears relating to residential owner-occupier property would not be appropriate to the buy-to-let market. I do not share the concern expressed by some that proceeding to sales of buy-to-let investment properties, whether on the basis of a voluntary surrender, assisted sale or something else of that nature, would necessarily cause any disturbance to the stability of the housing market.