Mr. Ed Sibley:

If we look at the work we have done on the CCMA - and I am sure Ms McEvoy will speak on how it works - the broader consumer protection code framework, how lenders must engage with distressed borrowers, the other protections in place and the other facilities that have been put in place by State and non-State bodies, there are many protections in place. We can also see the effectiveness of these protections if we look at how many loans were in difficulty at the peak of mortgage arrears in 2013 and how much of the crisis has been dealt with through re-engagement and restructuring. More than 100,000 loan accounts on the books of the banks and non-banks have been restructured. While I appreciate that borrowers may be in difficult circumstances, so long as they engage with their lenders typically it has resulted in arrangements coming through that have kept them in their homes.