The recommendations of the Group included specific measures to strengthen the protections for consumers in the Code, including a proposal that lenders must not apply penalty interest or arrears charges to borrowers who take part in a mortgage arrears resolution process.
The Governing Council will take into account this feedback when it meets on 17th July to decide if the Eurosystem will further support the T2S project. As President Trichet has said on many occasions “it is not, in any respect, time for complacency”. While we can be pleased to have got so far so fast, we need to keep up a fast pace.