Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

A related point is a review of the code. Is Mr. Sibley open to and will he invite submissions on a review of the code? Will he examine the provision whereby a lender only has to consider the restructuring options that it offers? This was a key change in the 2013 code and it lets these funds completely off the hook. They can say they will not do arrears capitalisation, interest only, split mortgage or term extension arrangements. They can say no alternative arrangement can be agreed and that the options are voluntary sale, voluntary surrender or court proceedings. That is the reality of what is happening in practice. Will Mr. Sibley take submissions on a review of the code and will he specifically look at clause 39? My iPad has just locked out, but under clause 39 they are not obliged to examine the appropriateness of the full suite of forbearance options? They could say: "We just do not do them".