Broadly, provisions 16 and 17 of the Code are aimed at protecting borrowers facing financial difficulties or in arrears, and require regulated lenders to have procedures in place to handle arrears cases, to give borrowers reasonable time to resolve an arrears problem and to try to agree an approach with the borrower to resolve the problem.
Deleveraging and restructuring the banks Another work stream underway at the Central Bank is aimed at correcting the funding positions of the banks which in turn involves their restructuring: this is in large part a story of beginning a steady process of deleveraging the system. Loan losses and credit quality is only half the problem in the resuscitation of the Irish banking system.