The Central Bank has published its Report on the Effectiveness of the Code of Conduct
on Mortgage Arrears in the context of the Sale of Loans by
Regulated Lenders, in response to the Minister for
Finance's request for a review of the Code to ensure its
continuing effectiveness when mortgage loans are sold.
The Central Bank has concluded that, for borrowers who engage
with their lenders, the Code is "working effectively and
as intended".
In its Report, the Central Bank reiterated that the protections
of the Code travel with the loan i.e. the Code continues to apply
where the loan is purchased by an Unregulated Loan Owner, as the
loan must be serviced by a Bank, Retail Credit Firm, or Credit
Servicing Firm authorised by the Central Bank.
