Regulatory Alerts2018-11-12
Report on the Effectiveness of the CCMA in the context of the Sale of Loans by Regulated Lenders
The Central Bank of Ireland issued this report to assess the effectiveness of the Code of Conduct on Mortgage Arrears following a ministerial request triggered by concerns over loan sales by Permanent TSB. The review found that the Code functions effectively for engaging borrowers, with regulated entities and credit servicing firms honoring existing arrangements and maintaining fair processes for loans sold to unregulated owners. The Bank committed to continued supervisory enforcement of the Code and plans to engage with industry to improve transparency regarding the assessment of borrower cases and the sustainability of proposed repayment arrangements.
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