Ms Carol Dunne:

The code of conduct is not consumer-friendly, and that is a problem. We have a system that permits banks to operate within a code, but by operating within the code, banks can say that they are compliant with the system. As Mr. Joyce said, there is no statutory instrument associated with it. It is totally consumer-unfriendly. There is also no right of independent appeal and there is no place for a borrower to go. There is nothing in it.

The code of conduct hinges on what is called a standard financial statement, but there is no standard person. Financial statements even for neighbouring families who have a similar composition in terms of make-up and income will not look the same. Therefore, one will end up with problems when one tries to mechanise a system and move people through it. Even in terms of the resolutions that have been reached, time will tell how sustainable they prove to be. My organisation has serious concerns about building long-term resolutions on standard financial statements and their sustainability. As many as 45% of the people in MABS still come to us, and we must ask why.

Targets have proved counterproductive because the focus is on the target and the process and therefore is no longer on the individual. My colleague Ms Walsh would like to make a comment.