Mr. Gerard O'Brien:

In terms of Deputy Doherty's bilateral meetings with the Central Bank, I have already put it on record, but to return to the point, provision 39 of the code of conduct on mortgage arrears, CCMA, has a suite of 12 alternative repayment arrangements to allow for borrowing arrangements to be altered. One of those is permanently reducing the interest rate on the loan. However, as Deputy Doherty is probably aware, a borrower can only get that particular option if it is offered by the lender.

Provision 39 of the Central Bank’s code, the code of conduct for mortgage arrears, which is grounded in the Central Bank Act, is something that could be looked at in terms of letting borrowers in distress avail of a remedy on interest rates, particularly in this instance.