Regulatory Alerts2009-04-20
Letter re introduction of Code of Conduct on Mortgage Arrears 19 February 2009
The Financial Regulator issued a mandatory Code of Conduct on Mortgage Arrears under Section 117 of The Central Bank Act, 1989, effective 27 February 2009. This Code applies to all mortgage lenders and restricts repossession actions to six months after arrears arise, requiring lenders to exhaust all reasonable efforts to agree on alternative repayment schedules first. Firms are expected to immediately implement necessary system and training changes, with the Regulator monitoring compliance closely during the initial two-month period.
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