The Government’s unspoken pecking order for Irish society is blatantly made clear once again.
It has been revealed that not one single financial institution has been sanctioned over breaches of the Central Bank’s set rules to deal with mortgage arrears.
A large number of mortgage advisory groups and bodies claim that there are widespread breaches of such code by banks and other lenders, and that such actions are regularly taken with impunity.
Minister for Finance Michael Noonan has confirmed that no mortgage lender has thus far been punished for breaching the code of conduct.
The code is statutory, which means it can be enforceable by law. It is supposed to regulate banks and to ensure fair treatment for mortgage holders in arrears.
But now, a number of consumer advocacy groups have raised doubt about how useful the code really is, and how the Central Bank enforces it.