A key element in the Code, and an important protection for mortgage holders, is the requirement for banks to set out their different restructuring options and the criteria used for applying these. This is designed to allow consumers to understand better the options available and to help them to prepare for their meeting with the bank.
As part of our next phase of the Central Bank supervisory work we are going to review how the lenders’ process of determining the most suitable option for the borrower is working in practice.