Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

I assure the Senator that, while the Central Bank is an independent regulator, the Minister for Finance engages with the Governor monthly, and the question of regulation and engagement with non-bank lenders has been raised and continues to be raised. The Central Bank has advised it expects all regulated entities to take a consumer-focused approach in respect of any decision that affects their customers. In particular, the protection of mortgage loan borrowers, including those in arrears, is a key priority and the Central Bank has indicated it will continue to supervise compliance by all the regulated entities with the CCMA and the consumer protection code.

The code is not voluntary. It is mandatory, and there is no question of regulated entities not following it. Failure to do so can result in the Central Bank using its range of powers to ensure adherence to the code, including administrative sanctions and legal action. I encourage the Senator, if he has information he wishes to share with the Central Bank about a regulated firm not complying with the code, to submit that information to the Central Bank as soon as possible.