Stephen Donnelly (Wicklow, Independent) | Oireachtas source

I thank Mr. Wallace.

I come to the voluntary adherence to the CCMA. Mr. Wallace will be very familiar with the code of conduct on mortgage arrears, a copy of which I have here. I am sure he will be familiar with the sentence in Chapter 1 as follows: "Lenders are reminded that they are required to comply with this Code as a matter of law." At today's committee meeting we have learned that the IBRC or Irish Nationwide Building Society mortgage holders, rather than being protected by law as is the case under the CCMA, will be protected by a voluntary agreement that has no supervision, no Central Bank involvement, no sanctions, nothing in writing, no guarantee that mortgage holders can buy out their own loans and no access to the Financial Services Ombudsman. Does Mr. Wallace believe that mortgage holders should be satisfied with the voluntary agreement the special liquidators have secured on their behalf?