Professor Patrick Honohan:

I do not preside over that; I preside over regulated institutions. I am not pleased with this development because it seems the code of conduct on mortgage arrears has been a very important protection for borrowers. It has been the position of the Central Bank and it has been communicated to the Government that action should be taken to ensure an equivalent amount of protection for people who are moving out of the regulated area. Work continues in this regard but it is out of our control. We are not happy with it and we have communicated our unhappiness. As the Deputy knows, some action has been taken but it is outside our sphere.