Regulatory Alerts2010-12-03
Letter re revised Code of Conduct on Mortgage Arrears 6 December 2010
The Central Bank of Ireland issued a revised Code of Conduct on Mortgage Arrears (CCMA) effective January 2011, imposing stricter requirements on lenders under Section 117 of the Central Bank Act 1989. The revision introduces a formal Mortgage Arrears Resolution Process, defines primary residences for protection, limits unsolicited lender contact to three per month, and replaces the Consumer Protection Code complaints mechanism with a dedicated appeals process. Lenders must implement these changes immediately, with a six-month transition period ending June 2011, while interim guidance allows flexibility regarding the format of the Standard Financial Statement.
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