This afternoon I would like to focus on the very difficult issue of mortgage arrears which is a top priority for the Central Bank. I welcome the opportunity today to outline in turn the different elements of our supervisory strategy in this area.
I will also tell you about the new work the Central Bank is undertaking in this area which will involve setting out our expectations on the structures and processes regulated lenders should put in place to handle their arrears. I will also describe a planned supervisory review of how firms are handling arrears in practice, with the threat of enforcement sanctions where appropriate.