Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The position is the Central Bank regulates the lenders. The Central Bank is now engaged in part of the process in which it delivers on independently of the Government. The code of conduct for mortgages is very clear and very fair in respect of those who are borrowers from any of the institutions. The Deputy asked what will happen next. The process is under way and this report comes from the Central Bank, which is the regulator. The Central Bank obviously has gone through examples of where the code has been breached by lenders. It is now the function and the responsibility of the Central Bank to set out whatever sanctions it desires to impose on these lenders.

Those sanctions will be publicly announced because it will be a public decision. It is not a case of the Minister for Finance setting out the sanctions. The regulator is the Central Bank. It conducted a report and identified breaches of the code of conduct by the lenders. It is very serious for borrowers affected to have this undue pressure put upon them. The next stage of the process is for the regulator, namely, the Central Bank, to set up the sanctions it intends to impose on those lenders in the first place. Those decisions will be publicly announced because it is public information.

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