There are, of course, already strong protections in place for consumers who are in mortgage arrears. The Central Bank Code of Conduct on Mortgage Arrears imposes statutory requirements on banks to deal expeditiously and fairly with distressed mortgages in a manner which takes account of the overall economic conditions of the household.
This framework provides protection for these consumers who are in mortgage arrears in their  2  BIS central bankers’ speeches  dealings with their banks, including stopping the clock on legal action by the banks, no charges and the requirement that the bank must engage constructively to arrange alternative repayment arrangements with the borrower.