We intend to include a summary of this information as part of our wider public feedback following the completion of this review. In addition to this, we plan to require lenders to conduct a review of the efficacy of the existing restructuring arrangements that they have in place and to formally provide an assessment of whether additional rescheduling approaches are required.
We want this to be debated carefully at Board level as part of agreeing the bank’s mortgage arrears resolution strategy. We want banks to give closer attention to whether the existing range of rescheduling approaches are adequate for the scale of the problem and whether sufficient recognition is given to individuals who have little prospect of servicing even the rescheduled loan terms.