Aideen Hayden (Labour) | Oireachtas source

In the context of tracker mortgages, for example, Mr. Bernard Sheridan, the director of consumer protection with the Central Bank, has stated, "No doubt the lenders would prefer more options to move people off trackers but to do so they have to offer ... an alternative which is affordable and sustainable". One of the difficulties which arises relates to who determines what is affordable and sustainable. Under the code of conduct on mortgage arrears, it will be the banks that will make determinations in this regard.

There is a need to examine the code of conduct from the perspective of those who are the least advantaged, namely, distressed borrowers. In any legal scenario, it should be the contra proferentem rule which applies. In other words, the interpretation should be against the stronger party and in favour of the weaker one. I would, therefore, welcome a debate on this matter. There is a real suspicion among distressed borrowers that because the housing market has turned the corner, banks which were previously unwilling to engage with them in order to reach settlement of one form or another are now not only willing but are prepared to do so with an alacrity that would leave a modest virgin blushing.