Professor Philip Lane:

Let me come back to that. This is a fundamental point because it comes back to the legislative proposal. There is a set of issues which is basically procedures. Are the procedures fair, civilised and reasonable? That is what a code of conduct is about. Is the process for code of conduct for mortgage arrears fair, civilised and reasonable? It is not about the nature of the final outcome. The final outcome, whether it is a restructured mortgage, whether it leads to repossession or whether it is the individual going to the insolvency service, does not turn on the code of conduct. If the Chair is referring to what the outcome will be, that is a wider issue. Let me again point out that fundamentally the Irish system has put in a lot of support for the individual. It is about the insolvency service. It is about the support the advisory services make available to people in deep distress. It is not a code of conduct issue. We are saying that the credit servicing funds are under a code of conduct. We are saying that from what we see in our inspections they are respecting those codes of conduct. I do not think the Chair is talking about that but about the kind of outcomes that will be delivered.