Ms Gráinne McEvoy:

We published a report on the CCMA in October of last year. As members are aware, the CCMA is a statutory code that seeks to ensure that the interests of borrowers who are in or facing arrears are protected. The main finding of the review was that for borrowers who engage with their bank or non-bank lender, the CCMA is working effectively and as intended, particularly in regard to the sales of loans by regulated lenders to what were, at the time, unregulated loan owners. As has been mentioned on several occasions, the data contained in the CCMA report indicates that there were 110,000 restructures and that 87% of those borrowers are meeting the terms of their arrangements. The report also found that banks and non-banks continue to put arrangements in place and engage with borrowers throughout their relationship with them. In addition, it found that banks and non-banks have frameworks in place that support borrowers through transparent and open engagement and communication with the borrowers.

We have found that existing arrangements are honoured. When a loan sale is affected and a portfolio of loans is sold from a regulated bank to a non-bank the finding, at the point in time in October of last year, was that the existing arrangements are and continue to be honoured by the non-bank.