Figuring out exactly how to achieve these important policy goals while working within constitutional, legal and practical realities has presented novel challenges to the Central Bank. While progress is still too slow, I am satisfied that the approach is correct and is progressively yielding results.
It is almost two years since the Central Bank launched the Mortgage Arrears Resolution Strategy which has steadily ramped up requirements on banks to improve their policies, processes and staffing around this issue in order to accelerate results on the ground.