Ms Derville Rowland:

Understanding the restructures that are being put in place by the banks and the non-banks and how they work out over time is a key focus for us in respect of the code of conduct on mortgage arrears. One of the chapters details the types of arrangements they have, but that is a point-in-time analysis. It is really important for us to see, for example, the most popular approach that was being taken by the non-banks; I think it was arrears capitalisation. However, they have a different loan profile from the banks.

It is important that supervision of the non-banks, their treatment of customers and the sustainable arrangements that are put in place is a priority area for us in the context of supervision. We will collect and scrutinise those data annually to see how the treatment of those loans is working out over time. If we see problems in how they are treating their customers, we will correct that in our supervisory work.