Joan Burton (Dublin West, Labour)

On the status of the code of conduct on mortgage arrears, to be clear, the last major revision of the code was 1 January 2011. The code sets out how mortgage lenders, referred to as "lenders", must treat borrowers in or facing mortgage arrears with due regard to the fact that each case of mortgage arrears is unique and needs to be considered on its own merits.

The code sets out the framework that lenders must use when dealing with borrowers in mortgage arrears or in pre-arrears, and such cases must be handled sympathetically and positively by the lender with the objective at all times of assisting the borrower to meet his or her mortgage obligations. This code acknowledges that it is in the interests of both the lender and the borrower to address financial difficulties as speedily and as effectively as circumstances allow.

As for the legislative basis, this code is issued under section 117 of the Central Bank Act 1989. It is not true that the code has no legislative basis.