Mr. Ed Sibley:

The Chairman referred to an engagement with the banks for those borrowers in early stages of distress or going into arrears. Our approach from the outset, when we started engaging more intrusively on mortgage arrears and resolution, from 2010, 2011 and 2012 onwards, was to make sure the banks' operations from the early engagement was prioritised because that is an absolutely critical juncture for borrowers potentially edging into difficulty or having suffered an event in their lives that might cause problems. It is critical to deal with them early then enter different stages and treatments for later stages. It remains a priority to make sure that early arrears operations are robust and delivering as they should be. Borrowers are protected by the code of conduct on mortgage arrears, CCMA, and banks must comply with that. I appreciate that is cold comfort for the borrowers to whom the Chairman refers. The contact the banks can have with borrowers in distress is very strictly governed by the CCMA and we undertake orders to make sure that is adhered to.