Richard Bruton (Dublin North Central, Fine Gael)
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Question 151: To ask the Minister for Finance if he has assessed the concerns raised by the Free Legal Advice Centre in respect of the proposed code of practice for people with mortgages, in particular in respect of whether lenders can continue to pursue persons who hand back their houses for balances that they say are outstanding; and if he will make a statement on the matter. [6582/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Financial Regulator published its Code of Conduct on Mortgage Arrears on 13th February in keeping with the Government's announcement on recapitalisation arrangements. This code applies only to mortgage lending activities to consumers in respect of their principal residence in the State, by all regulated entities operating in the State.

I understand that the Free Legal Advice Centre referred their concerns to the Financial Regulator.

The Financial Regulator's Code regulates the conduct of mortgage lenders but does not alter contractual arrangements between lender and borrower.