Mr. Brian Hayes:

Let us be clear about this - this was also the evidence given to the committee by the Central Bank last week - the mortgage arrears resolution process, MARP, and the code of conduct on mortgage arrears, CCMA, are the two principal tools of the Central Bank and there are absolute requirements on banks, non-bank lenders and credit servicing firms to deploy them. If someone has a difficulty with a credit servicing firm, the same expectations apply to that firm as apply to a pillar bank in terms of trying to provide the customer with an alternative repayment arrangement, ARA. The reason I made that statement is that I am not aware of a eurozone country which has the developed responses to significant arrears cases that we have. I have said publicly before that this can only work if people engage and reach out. While there may be difficult experiences from time to time, and I accept there are, there is an obligation on a credit servicing firm, non-bank lender or pillar bank to put a solution in place that is sustainable.