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

The position is that the code of conduct is statutory, having been introduced under section 117 of the Central Bank Act 1989. The issue that arose when we were negotiating the programme for Government was whether the range of options that were on offer from the regulated banks applied to the unregulated institutions that acquired mortgages. In my meeting with the Governor, I asked him if he had data showing what the practice was with the unregulated operators, who are now under the control of the Consumer Protection Act which we put through the Dáil last year. He is to come back to me with the information I requested. Then we will see whether it is necessary to extend the code of conduct to make it a statutory obligation on the unregulated institutions to increase the range of options they offer to mortgagees.

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