Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The code of conduct, as it exists, is on a statutory basis. What we are talking about now is proposed amendments to the code of conduct. My commitment is that any amendment would naturally be covered by statute as well, so there would be a statutory basis to it. The code of conduct has been reviewed already and I am willing to review it again to make it mandatory on lenders to provide the more effective of the range of options that are now in the system to their borrowers. The two the Deputy mentioned are two that are likely to have a strong uptake but again I am prepared to take the Deputy's advice on that. The two he mentioned are not exclusive. If there are others, they may be included. I am commencing discussions with the Central Bank to see what way this will be formatted. I assume that when the new finance committee is put in place I will put any draft that we come up with before the Deputy for his consideration and suggestions at that time.

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