Ms Gráinne McEvoy:

Our expectations are clear, particularly where a loan is sold, that if a borrower is meeting the terms of his or her arrangement, the loan owner should continue to honour the arrangement. The due diligence that was undertaken by the original lender passes forward so that the new lender has a full suite of information about the borrower and is not making decisions based on its shorter-term experience with the borrower and has the background to the case. We have publicly communicated that if the borrower is communicating, the new loan owner should not unilaterally move or change the arrangement that the borrower has. That is critically important. On Mr. Sibley's point, the code of conduct for mortgage arrears applies to both banks and non-banks, and there are strict criteria about repossessions.