Joan Burton (Dublin West, Labour)

It is under section 117 of the Central Bank Act 1989. The Central Bank has the power to administer sanctions for a contravention of this code under subsection (3C) of the Central Bank Act 1942 and lenders are reminded that they are required to comply with this code as a matter of law. As I stated, the last major revision was effected from 1 January 2011.

The code is the code of the Central Bank. It applies to all registered entities. On an appeals board, the lender must establish an appeals board to consider any appeals submitted by the borrower and to independently review any of the following: a decision by the lenders arrears support unit; the lender's treatment of the borrower's case; or the lender's requirement with the requirements of the code.

If I recall, Professor Kilborn, in his presentation and in his slides, specifically instanced, for instance, jurisdictions such as France. I recall the slide he used has a French flag flying over it. He was instancing the fact that France has these kind of tough procedures which force the hands of the lenders.