Professor Philip Lane:

We will revert with detail on the matter but, fundamentally, the decision is up to the lender. In the crisis, many people went into arrears because of bad loans. It was not a sign of their future potential as a business or individual. Banks may maintain an open mind on lending and there is nothing to stop them looking into a person's credit history. In some circumstances they may decide not to go beyond checking the central credit register. As a regulator, I point out that there may be good business opportunities in lending to people who have a record of distress but who may be a good risk into the future. That is a commercial opportunity for banks who decide they can take that on.