Michael Healy-Rae (Kerry South, Independent)
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Question 155: To ask the Minister for Finance his views on a matter (details supplied) regarding a code of practice. [34738/11]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank's Code of Conduct on Mortgage Arrears applies only to mortgage lending activities in respect of an owner/occupier's principal private residence. Responsibility for the rights of tenants in rented accommodation is a matter for my colleague the Minister for Justice and Equality.

Finian McGrath (Dublin North Central, Independent)
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Question 156: To ask the Minister for Finance the reason Ulster Bank and AIB are refusing to reduce their mortgage interest rates; and if he will act on this matter urgently. [34797/11]

Michael Noonan (Limerick City, Fine Gael)
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The setting of mortgage interest rates is a commercial decision for the banks concerned. I welcome the recent announcement by AIB that it will reduce its standard variable mortgage lending rate as a follow on to the recent ECB interest rate cut. The Central Bank have advised me that they will engage with lenders which appear to have standard variable rates disproportionate to their cost of funds