Marie Sherlock (Labour) | Oireachtas source

I thank the Governor, Ms Rowland and Mr. Sibley. I was struck by the reference to the expectations of the banks and their treatment of distressed borrowers. It very much suggests a hands-off approach on the part of the Central Bank as to how banks should respond. I am not sure whether the witnesses will agree with that assertion.

I want to ask a question on the code of conduct for mortgage arrears and whether the witnesses believe the code is sufficient and appropriate to the current circumstances. Do they think it is acceptable that the banks have the full power to pick and choose which alternative payment options to offer? The code was produced in 2013 for a very different time and a very different banking system. Do the witnesses believe that the code needs to be updated?