Mr. Paul Joyce:

It is a regulatory code. If a lender refuses or neglects to comply with the terms of that code, the Central Bank may conceivably take action against that lender, albeit under its own internal administrative sanctions programme. That seems to us to be the extent of the action that can be taken against the lender. As far as we are aware, even though the Central Bank has on occasions carried out inspections and has on occasions determined that some lenders have not complied with the requirements of the code, the Central Bank still, as I understand it, has yet to impose a single sanction upon a single regulated lender.