Central Bank of Ireland today launched a commemorative coin celebrating the life and work of renowned Irish playwright Seán O'Casey, on what would have been his 146th birthday. It marks the 100th anniversary of the inaugural performance of his masterpiece The Plough and the Stars at the Abbey Theatre.The silver proof coin will go on sale today (Monday 30 March 2026) at 1pm on www.collectorcoins.ie. Designed by PJ Lynch, there are just 3,000 coins available, and they will retail at €90. Governor Gabriel Makhlouf presented the coin to Seán O'Casey's daughter Shivaun during a launch at the Abbey Theatre attended by the O'Casey family and the current cast of the production, marking a fitting tribute to one of Ireland's most significant dramatic works.The premiere of The Plough and the Stars took place at the Abbey Theatre in 1926, less than ten years after the Easter Rising of 1916. Flawlessly weaving comedy with tragedy, the play tells the story of ordinary lives torn apart by the idealism of the time. This O'Casey masterpiece is a classic of human and political theatre which continues to resonate today.Governor Gabriel Makhlouf said: "Seán O'Casey's The Plough and the Stars remains one of the most powerful and enduring works in Irish theatre. A century on from its premiere, O'Casey's unflinching portrayal of how political upheaval affects ordinary people continues to speak to audiences. This commemorative coin honours O'Casey's artistic genius and the Central Bank is proud to mark this significant cultural anniversary."The Plough and the Stars is running in the Abbey Theatre until 30 April 2026 in an exciting new production directed by Tom Creed. Further informationElaine Scanlon – elaine.scanlon@centralbank.ie 087 213 6313ENDSNotes to the EditorProof coins are collectable coins and are not intended for general circulation. They are minted using specially polished dies and blanks that give them a mirror-like finish. Every year the Central Bank issues a number of collector coin products, on behalf of the Minister for Finance. The Collector Coin Advisory Group advises the Bank in relation to coin themes. The Central Bank invites public submissions in relation to themes.

The Central Bank Commission has appointed Elizabeth Mahon as Secretary of the Central Bank, effective 30 March.  Elizabeth has also been appointed to the role of Head of Governance in the Central Bank.Elizabeth has more than 20 years' experience in financial services, principally in the banking sector, where her career has focused on strategy and implementation, management consulting, organisational change, and stakeholder management. Since 2022 she has worked at the Central Bank as Head of Strategy & Foresight.Neil Whoriskey, the current Secretary of the Central Bank, has been appointed as Head of Internal Audit. He has previously held a variety of leadership roles in the Central Bank including in the areas of governance, communications, strategy & planning and European co-ordination.Announcing the appointment, Governor Gabriel Makhlouf said: “I am delighted to announce the appointment of Elizabeth Mahon to the role of Secretary of the Central Bank of Ireland and Head of Governance. The role of Secretary sits at the heart of our governance framework, ensuring that our decision-making processes are robust and to the highest standards. I would also like to thank Neil Whoriskey, who is stepping down after 15 years as Secretary, for his commitment and dedication.”

Governor Gabriel Makhlouf of the Central Bank of Ireland today emphasised the critical need to strengthen Europe’s Single Market as the foundation for mobilising the continent’s substantial savings in an increasingly fragmented global environment.

In his remarks, Governor Gabriel Makhlouf emphasised that Europe must mobilise its substantial savings by strengthening economic growth, completing the Single Market, and building more integrated capital markets, as capital currently flows abroad due to perceived higher returns elsewhere. He argued that central banks must anchor price stability and financial stability as preconditions for effective capital allocation, and that by addressing these fundamentals, European savings will naturally remain invested within Europe, creating sustainable prosperity.

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Renewed surge in international energy prices tests domestic economic resilienceHigher oil and gas prices are expected to lead to lower growth and higher inflation than previously expected.  The extent is dependent on the duration of the conflict and the scale of damage to critical infrastructure in the Middle East.  MDD is forecast to grow by 2.8 per cent per annum on average from 2026 to 2028 in the baseline forecast, with inflation averaging 2.5 per cent per annum over that period. More severe energy shock scenario could see inflation going above 4 per cent this year and reducing MMD growth to just above 2 per cent.  The Central Bank has today (26 March 2026) published its first Quarterly Bulletin of 2026. At the launch of the Quarterly Bulletin, Robert Kelly, Director of Economics and Statistics said: “The recent developments in the Middle East present further challenges for both the Irish and European economies, which were already having to adapt to a shifting geopolitical situation.  The higher oil and gas prices we are seeing are expected to lead to lower growth and higher inflation than we previously anticipated.  The extent of these effects really is dependent on the duration and intensity of the conflict and the scale of damage to critical infrastructure in the Middle East.  These events highlight just how sensitive the Irish economy is to global developments and the need to maintain and build resilience in our domestic economy and public finances. This has become a foremost priority given the reality of a less favourable geoeconomic situation than what has been the norm in recent decades, impacting trade, supply chain security, and investment.”“Higher energy costs have already been reflected to varying degrees across the price of different fuel types and these are likely to have both direct and indirect effects on inflation facing businesses and households. This recent event in the Middle East, coming just four years after Russia’s invasion of Ukraine and the accompanying sharp rise in gas, oil and food prices, naturally leads to comparisons with that period.  However, as of mid-March the current scale of the initial energy price shock is not as acute, with spot and futures gas and oil prices not persistently reaching the heights of 2022.  At the same time, domestic demand conditions, while still far from weak, are not as buoyant as they were in the post-pandemic surge that coincided with the Russian invasion, potentially reducing the scope for large second-round effects this time.”“Our baseline forecast uses assumptions derived from market data as of 11 March, but given energy price movements in the meantime and the uncertainty around the outlook, we have looked at a range of possible scenarios in this Bulletin relative to the baseline assumption of a short conflict and a quick restoration of supply-chains.  In the baseline, domestic economic growth is marginally weaker than our previous forecasts for 2026 and 2027, with inflation remaining between 2.5 and 3 per cent in those years. A lengthier conflict with significantly more disruption could see inflation in Ireland being about 1 percentage point higher than that baseline on average over the next three years.”A large increase in investment underpinned growth in overall Modified Domestic Demand (MDD) in 2025, but signs of a slowdown in economic activity are evident in some other indicators. MDD expanded by 6.7 per cent in Q4 2025 compared to the same quarter in 2024, resulting in overall growth of 4.9 per cent for the year as a whole. There is solid underlying momentum in economic activity from domestic demand and net exports that is consistent with steady growth, but the severity and duration of the conflict in the Middle East hangs over the outlook for inflation and growth. The central forecast is based on an assumed path for oil and gas futures prices as at 11 March 2026. These assumptions capture some of the initial impact of the war on energy prices, with oil and gas prices assumed to be 30 and 57 per cent higher on average in 2026 than in our December forecast. Overall MDD is forecast to grow by 2.8 per cent per annum on average from 2026 to 2028, around half the observed annual average growth rate of 5.9 per cent in the 5 years up to 2025. The central projections are sensitive to the assumed path of energy prices. An escalation of the conflict resulting in higher energy prices, and for a more prolonged period than assumed in the central forecast, would lead to higher inflation and weaker growth.Driven by higher energy costs, projected inflation has been revised upwards to 2.9 per cent in 2026 and 2.6 per cent in 2027.  Higher inflation has prompted knock-on downward revisions to growth in households’ real disposable income and consumption from 2026 to 2028.  Nominal wage growth is expected to ease back to 3.5 per cent by 2028 which, when combined with other net income and the inflation outlook, sees average household disposable income remaining relatively unchanged over the baseline forecast horizon. The unemployment rate increased slightly from 4.3 per cent in 2024 to 4.7 per cent in 2025, with wider measures of labour market slack also rising. The pace of employment growth is easing in-line with wider economic developments but is still expected to be just below 2 per cent out to 2028, with unemployment rising just above 5 per cent.  Much of the easing in the labour market has been evident in the experience of younger workers, and to date primarily reflects cyclical norms in more consumer-facing sectors rather than significant structural shifts in labour demand due to technological change.  While consumer spending may be more constrained considering the higher than previously expected inflation outlook, domestic investment is expected to grow at a steady pace.  This reflects the anticipated delivery of public capital infrastructure, rising housing completions and slightly more momentum in business investment than previously forecast.  However, should higher energy costs become persistent this would alter the relative returns and the viability of some capital expenditure over the forecast horizon.  For housing, some of the benchmark indicators commonly used for forecasting output, such as commencements and PMIs, are less straightforward to interpret than previously, and point to the potential for a less robust rise in housing output than in our current forecast.  Housing completions are forecast to number 40,000, 43,000 and 46,000 in 2026, 2027 and 2028 respectively.  Higher housing output depends to a considerable extent on the delivery of necessary public infrastructure, including the implementation of the Accelerating Infrastructure Action Plan.  This, alongside other measures to attract private investment, is warranted and feasible to achieve, considering the extent of private sector savings and the relatively low rate of investment over the past decade, especially by indigenous businesses.

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Good afternoon and welcome to this Central Bank of Ireland workshop on the Consumer Protection Code.Today I will focus on the outlook for consumers and investors. But first let me pause to talk a little about the broader context in which we find ourselves. We are living through a period marked by extraordinary change, geopolitical instability, rapid technological transformation and shifting economic conditions.  Governor Makhlouf summarised this well when he said how 2026 has already seen extreme examples of these changes, be it from global conflict (both armed and economic) to continued technological development (including its increasing use and mis-use) to climate change, with extreme weather events across the globe, including here in Ireland and other parts of Europe.1This pace of change and the uncertainty of global events means that risks once considered remote have become more likely and it is no longer a question of whether significant change will come, but instead how we will respond to this change, both individually and collectively.At the same time, innovation in financial services (and in particular digitalisation) continues to bring significant benefits and gives us more control of our finances and more choice.  We can transfer money instantly, we can apply for insurance with just a few taps on our mobile phones and we can access a broader suite of financial products and information.It is in this context that I want to talk to you today about something that sits at the absolute heart of what we do here at the Central Bank of Ireland as a fundamental expression of our statutory mandate and our public service mission.I am of course talking about consumer and investor protection.More specifically, I want to talk about the revised Consumer Protection Code and why I believe it represents one of the most important pieces of work the Central Bank has undertaken in recent years to contribute to our future wellbeing. Not because it is perfect—no regulation ever is.  But because it has been designed for the world we are now in, the risks that world presents to us as consumers and the opportunities modern financial services can provide when well designed and delivered.  The Landscape We FaceThis period of innovation coupled with great structural change and challenge is not merely the backdrop to our work at the Central Bank, but the substance of it. Those geopolitical strains, that complexity, that transformation in how our world operates—all of it flows through the financial system. It reaches us as consumers in our mortgages, our savings, our insurance needs, our ability to plan for retirement and our continued access to the payments we need to live our lives. For this reason, consumer protection sits at the heart of everything we do. A financial system that does not protect its consumers is a system that will ultimately fail—fail in its stability, fail in its integrity, fail in its purpose.In our Regulatory & Supervisory Outlook for 2026, we describe a world of heightened geopolitical and macro-financial risks. A world where operational risks, the threat of cyber-attacks and frauds & scams are at elevated levels. A world where consumers face new vulnerabilities from digitalisation and complexity. Recently, I was privileged to co-sign the OECD's Consumer Finance Risk Monitor, providing a risk outlook across 60 jurisdictions and also calling out these issues. And you will see these same issues identified in virtually every such publication whether it be from the perspective of financial stability, market integrity or broader public policy. This is the reality we face.  Why we reviewed the CodeThe context I have just described is why the Central Bank embarked on a comprehensive review of our Consumer Protection Code in 2022. We did not do it because there was a crisis or because our existing rules had failed to deliver in the past. We did it because we recognised in our Strategy that the landscape facing consumers was about to fundamentally change. We anticipated that digitalisation, financial innovation and changing consumer behaviour would create a new environment in which consumers would need different protections, and in which firms would need clearer expectations about how to serve consumers in a faster pace of change.We consulted and engaged extensively. We listened to consumers, to civil society and to industry practitioners - many of you here today. We looked at what was happening in other jurisdictions and where international best practice was pointing. We examined the evidence of where consumers were being harmed. And from all that, we designed a Code that speaks to the risks we knew were coming. The Transformation So, let’s look at this transformation and how the new Code is responding.Operational risks are at elevated levels. Increased geopolitical fragmentation, operational complexity (including in supply chains) and cyber risks present new potential to disrupt consumers’ means of payment and other access to financial services. The Code responds with requirements for regulated entities’ risk management systems, internal controls and governance arrangements to manage their affairs sustainably, responsibly and in a sound and prudent manner.Financial crime is increasing, including as technology (so beneficial to our daily lives) provides criminals with new ways to harm us. The Code responds with explicit requirements that firms take steps to protect consumers against frauds and scams and that where they occur, consumers are supported.Digitalisation is amplifying both opportunities and risks, and presenting new types of consumer vulnerabilities.  The revised Code introduces new requirements to ensure that the digital technologies firms use are designed and implemented with a consumer focus. But we have been careful to also be technology neutral, recognising the technology of tomorrow will be different yet again from the technology of today. Data usage and AI risks are growing. Advanced models and expanding data collection have long been used by leading firms, but widespread adoption of AI tools changes this landscape. For consumers, this means their creditworthiness assessments, their insurance pricing, their investment recommendations may be made by algorithms they cannot see or understand. The Code responds by requiring that firms not use data and profiling to identify behaviours, habits, preferences or biases for the purposes of exploiting these to target consumers to their detriment.Consumers are increasingly time-poor and face complex choices. The Code responds by improving the information consumers will receive when making key decisions like switching their mortgage or insurance and being clearer on what is required of firms to inform consumers effectively. It will also require regulated firms to be much clearer with consumers if any of the services they provide are not regulated by the Central Bank.A Convergence of PerspectivesAnd here I want to highlight a crucial point: these risks I describe are not just consumer-specific risks. They are system risks. They are risks that threaten financial stability, that threaten the integrity of the financial system, that threaten the safety and soundness of regulated firms. In short, the landscape is converging around new risks that increasingly transcend traditional categorisations of ‘prudential’, ‘conduct’ and ‘market integrity’.This is why, at the Central Bank, we have fundamentally integrated our supervisory approach. Consumer protection, safety and soundness of firms, financial stability, and integrity of the financial system are increasingly interconnected and must reinforce one another. A Living RegimeThe pace of change I have described will not slow down. Geopolitical fragmentation will likely continue. Digitalisation will accelerate. New products will be developed. New opportunities and threats will materialise. Consumer behaviour will evolve. AI will become more sophisticated and mainstream. Climate impacts will intensify. This is why we need to see the new Code not as the end of a rule reform process but as the beginning of a new framework that aims to be alive to protecting us in a landscape that is changing at an ever-increasing pace. This is why I say the Code must be a living regime. That means of course that, as a regulator, we must continue to listen. We will listen to the firms implementing the Code on areas where clarification is needed. We will listen to consumers and consumer advocates on whether the Code is delivering the protections it promises. We will listen to international peers on emerging risks and best practices. And we will adapt as the situation facing consumers evolves.I also want to say something directly to firms in this regard: the Code sets out principles and requirements. It is your responsibility to take those principles and design better products and services around them. It is your responsibility to simplify how you explain what you do and communicate with consumers in a manner that informs them effectively. It is your responsibility to make your systems and processes more consumer-centric. That means anticipating consumer needs and risks. It means supporting your customers in the situations where they may be vulnerable. It means investing in operational resilience. It means taking fraud prevention seriously and supporting consumers who fall victim to it. It means using technology to serve consumers, not to exploit them.ImplementationOf course, a regulatory regime is only as good as its implementation. In 2026 the Central Bank will undertake 52 specific bodies of work related to protecting consumers and investors. This work programme will cover the key issues consumers are complaining about (including as evidenced by the Financial Services and Pensions Ombudsman), each of the key risks identified by the OECD at global level and the issues identified in our Regulatory & Supervisory Outlook. These are concrete actions targeting where we want to see change.We will conduct thematic reviews on how firms are dealing with customer complaints and their approach to root cause analysis. We will assess how firms are treating customers in vulnerable circumstances, which may include borrowers in or facing arrears. We will review how firms are handling customer errors and applying learnings. We will examine how firms are implementing the Code's requirements on fraud prevention and supporting fraud victims. We will assess how firms are using artificial intelligence and whether they are discriminating against consumers. We will review commission arrangements to ensure they are aligned with securing customer interests. We will conduct reviews of product governance to ensure products are suitable for their target markets. We will assess how firms are managing the transition to digital delivery. We will review how firms are managing conflicts of interest. We will assess how firms are securing consumer interests in their strategic decision-making.This is intensive, targeted, evidence-based supervision designed to drive real change in how firms operate. And it is informed by the evidence of what consumers are experiencing. We listen to consumer complaints. We analyse trends. We identify patterns. We target our supervisory work accordingly. And where we find firms are not meeting the standard, we will use the full range of our supervisory toolkit. Collaboration and IntegrationAnd there is something else I want to emphasise. Increasingly, the risks we face are not risks that any single authority can solve alone. Operational resilience requires collaboration between financial services firms, technology companies and regulators. Combatting frauds and scams requires collaboration between financial services firms, technology companies and law enforcement.  Progressing the National Financial Literacy Strategy requires collaboration between Government departments, the CCPC, the Central Bank, other authorities, firms and civil society. Dealing with the issues presented by digitalisation requires collaboration between regulators, firms, technology providers and consumer advocates. Building a stronger saving and investment culture requires collaboration across the financial system and beyond. This is why we have embedded collaboration into our approach. We work through the European Supervisory Authorities to ensure convergence and consistency across the EU. We work at the OECD and international bodies to develop global standards and best practice. We work with other Irish authorities—the CCPC, the FSPO, the Department of Finance—to ensure we are complementary in our approach. We engage with civil society and consumer advocates to ensure we are hearing the voices of those most affected by financial system risks. We work with technology platforms through our trusted flagger status to combat fraud and scams. Through all this, we are actively supporting individuals to manage their financial needs and obligations, to cope with shocks, to pursue their aspirations, and to feel confident about their financial lives and in their financial well-being. Through the delivery of our statutory mandate the Central Bank makes an important contribution to financial well-being. Not solely— many factors outside our control shape financial well-being. But meaningfully.Consistent with our Code being a living regime, the Central Bank will always be available to listen to the concerns of users of financial services, their advocates and representatives, other agencies, and to firms themselves as they seek to do their best to apply the Code’s standards in practice. ConclusionThe new Consumer Protection Code represents a fundamental statement about what the Central Bank of Ireland stands for. It serves as confirmation that the Central Bank will continue to respond to the challenges facing the public we serve.  The risks facing consumers are real. They are growing. They are complex. They are the same risks that threaten financial stability and the integrity of the system. But they are not insurmountable. With the right regulatory framework, with intensive supervision, with collaboration across the system towards a shared goal, and with a commitment to putting consumers at the heart of everything we do, we can mitigate those risks. We can reap the benefits of digital transformation. We can support households to get the full benefit of what financial services could do to help us provide for our future.2 We can maintain the trust that is essential to a functioning financial system. We can make our contribution to our own financial well-being and that of the people we care about.That is what the Code is about. That is what we are committed to delivering. That is what sits at the heart of the Central Bank's mission.Thank you. [1] Reinforcing Resilience, Responding to Change: Priorities for the Year Ahead - Speech by Governor Gabriel Makhlouf to Head of EU Missions. 10 February 2026. [2] Irish households are not realising the full benefit of investment options 

The Central Bank of Ireland today (Tuesday 24 March 2026) marked the coming into force of the modernised Consumer Protection Code, giving consumers stronger protections when using banks, insurance companies, and other financial services.The modernised Code has been designed to better protect consumers in today’s world, and in anticipation of how financial services will evolve into the future. It follows extensive public consultation and engagement. Deputy Governor Colm Kincaid said: "The Central Bank's Consumer Protection Code imposes statutory obligations on regulated financial service providers to put your interests at the heart of how they design, sell and explain financial products and services – and how they support you to make confident financial decisions."What This Means for You:Securing Your Interests: Financial firms must design products and services that meet your needs. They must communicate clearly and help you make decisions that are right for you.Better Information: Firms must give you information in plain language that you can understand, without unnecessary jargon or technical terms. Information must be clear, accurate, and up to date.Mortgage Switching Made Easier: If you have a mortgage, your lender must:       Show you how much money you could save by switching to a cheaper mortgage       Send you reminders about cheaper options       Provide your title deeds within 10 working days of the requestProtection from Scams and Fraud: New requirements for firms to counter the risk of frauds and scams, keep you informed and support you if you fall victim. Insurance Renewals: For gadget, dental, pet, and travel insurance, firms can no longer automatically renew your policy unless you explicitly agree. This avoids you ending up with insurance you no longer want or need.Digital Services: Apps and websites must be easy to use. When buying on credit online (like "buy now, pay later"), firms must give you enough time to think about whether this type of credit is right for you.Support When You Need It: If you're going through difficult times – like illness, bereavement, or job loss – firms must provide extra support. You can also nominate a Trusted Contact Person who the firm can contact if needed.Easy to Complain: Firms must make it simple for you to complain and must resolve issues quickly.Deputy Governor Kincaid added: "The modernised Code covers a wide range of everyday financial services, from insurance to banking to borrowing to investing. It introduces new safeguards against frauds and scams and protections for people in vulnerable circumstances. And it gives you rights.   The Central Bank of Ireland is introducing the modernised Consumer Protection Code to ensure firms secure your interests and help you support your financial wellbeing.  I encourage everyone to get to know their rights and to use them.”The Code also protects small businesses with a turnover of less than €5 million.Find out more about your rights at www.centralbank.ie/Code    ENDSNotes to EditorsFully bilingual information on the modernised Code will be available on the Central Bank of Ireland website.The Consumer Protection Code applies to all regulated financial service providers in Ireland, including banks, insurance companies, investment firms, and brokers.The Code of Conduct on Mortgage Arrears has been consolidated into the Code to deliver an integrated framework.Further informationmedia@centralbank.ie

In his latest blog Governor Gabriel Makhlouf explains that the Governing Council held rates steady at 2 per cent due to new geopolitical uncertainty from Middle East tensions, which risk pushing energy prices and headline inflation above the 2 per cent target whilst dampening growth. The Bank will monitor inflation expectations and wage dynamics closely to prevent the energy shock from becoming embedded in persistent above-target inflation, as occurred after the Ukraine crisis.

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Role of Non-Bank Entities in the Irish Housing Market regarding residential mortgagesGo raibh maith agat a Chathaoirligh agus gabhaim buíochas leis an gcoiste as ucht an cuireadh a bheith anseo inniú. I am joined by my colleagues Domhnall Cullinan, Director of Banking and Payments, and Aisling Menton, Head of Retail Credit and we welcome the opportunity to continue this important discussion on the role of non-bank entities in the Irish mortgage market.As outlined in updated figures we published last week and have shared with the Committee the Irish (PDH) residential mortgage market comprises 698,445 loan accounts provided by a range of competing firms1 – banks (85.1%), non-bank lenders (5.3%) and firms who service existing mortgages but do not themselves lend, who I will call ‘non-lending firms’ (9.6%).2Each of these firms, and firm types, bring particular features and options to our market. A key difference between banks and non-bank lenders is that whereas banks have access to deposits to fund lending, non-banks tend to access their funding in wholesale markets. This can make non-bank lenders more agile in their pricing options at certain times in the cycle but also more sensitive than banks to swings in wholesale funding rates. Accordingly, bank and non-bank lenders can (at any point in the cycle) bring different competing mortgage options to the market. Non-lending firms provide specialist services with respect to existing loans, typically (though not exclusively) mortgages in arrears. Consistent with their focus on arrears, non-lending firms tend to have the widest suite of Alternative Repayment Arrangements for mortgages in arrears and specialist expertise in handling and resolving arrears. All of this lending and servicing activity is subject to Irish financial consumer protection legislation, supervision by Central Bank of Ireland and consumer access to the Financial Services and Pensions Ombudsman (FSPO). A key aspect of the Irish framework (which is not the case in all other jurisdictions) is that these regulatory protections apply to the mortgage regardless of who owns the loan over its term. Since the global financial crisis, Irish financial consumer legislation has been significantly enhanced, including in the area of mortgage affordability and arrears.  Affordability The Central Bank introduced loan-to-value and loan-to-income limits through our 2015 Mortgage Measures and our Consumer Protection Code 2012 required firms to stress test an individual application to a 2% interest rate increase. These measures aim to ensure that borrowers can afford their mortgage over its term, including in the face of interest rate increases. We have seen the benefit of these measures borne out in the resilience of loans granted since the implementation of the Central Bank’s 2015 Mortgage Measures. Supports for borrowers in or facing arrears Compared to the immediate period of the financial crisis, the State has introduced a modernised personal insolvency framework overseen by the Insolvency Service of Ireland, a range of supports for households including Abhaile and Mortgage-to-rent, complementing the important support provided by the Money Advice and Budgeting Service (MABS). The Central Bank, for its part, introduced the Code of Conduct on Mortgage Arrears in 2009 which was significantly enhanced in 2013. The Code regulates the specific engagement between the lender and the borrower to achieve an agreed solution. Crucially, it placed a requirement on the lender to engage with the borrower through a prescribed Mortgage Arrears Resolution Process (MARP) to find an agreed solution where possible, before that lender could move to seek repossession. These measures on affordability and arrears were necessary, with principal dwelling house mortgage accounts in arrears over 90 days peaking in September 2013 at 98,736 accounts. As of December 2025, on foot of the measures I have described, that figure is down to 21,833 (including a reduction of 5,067 in 2025). Continuing to enhance our frameworkNotwithstanding this progress, work remains to be done to keep our framework up to date and enhance it in certain respects. The Central Bank supports and participates in the coordination of this work at the Interdepartmental Mortgage Arrears Forum including the implementation of the recommendations of the September 2024 Report issued by the previous iteration of the group.3For the Central Bank’s part specifically: We have intervened with the firms we regulate to require them to expand their range of Alternative Repayment Arrangements, to improve their systems for anticipating early arrears, and to engage with borrowers in long term mortgage arrears to ensure there is a clear plan not just for the borrower to meet a monthly repayment but for the full sum of the mortgage to be repaid at the end of its term. When wholesale interest rates increased, we reviewed the rate setting practices of firms to ensure they are in line with contractual terms and conditions and underlying funding arrangements, consistent with the firms’ Variable Rate Policy Statement required under our Code and relevant market rates.4 We have required firms, including non-lending firms, to provide redress to consumers where they charged interest incorrectly or miscalculated mortgage balances. Where necessary, we have required non-lending firms to set targets for the reduction of long-term mortgage arrears, which they have been consistently meeting or exceeding. We have reviewed the practices of banks and non-bank lending firms to make sure they are not discriminating in their lending decisions against borrowers with non-lending firms, including leading to the welcome initiative of the BPFI to bring greater transparency on the criteria lenders apply for mortgage switching.5We have intervened in cases where firms’ customer service fell short of what we expect; and improvements in customer service continues to be an area of supervisory focus for us. This includes file reviews, on-site inspections, engagements with CEOs and boards, observing at Court proceedings, listening to phone calls between firms and their customers, and considering the information provided to us by consumers, their advocates and our wider stakeholder networks.We opened our approach to consumer protection to independent external scrutiny by the OECD, with the Central Bank of Ireland becoming the first regulator in the world to be reviewed by the OECD against the G20/OECD High Level Principles on Financial Consumer Protection, the report on which was published in December 2024.6 Most recently, we enhanced our Consumer Protection Code to incorporate the Code of Conduct on Mortgage Arrears, to put it into the form of statutory regulations and modernise its features, with effect from 24 March. The revised Code strengthens protections for mortgage holders including: A requirement for firms to provide additional information to borrowers about the reasons why the firm is (or is not) offering the consumer an Alternative Repayment Arrangement (ARAs), to provide greater transparency for borrowers in their engagements with firmsA requirement for the provision of information on the sale of property post repossession, to increase the transparency about the sale and the calculation of any remaining liability or residual debtThe introduction of a 12-month validity period for a completed Standard Financial Statement, to ease the burden on the consumer having to update their informationThe inclusion of the borrower’s future repayment capacity as well as their current repayment capacity as a consideration when assessing potential ARAs, to enable a wider suite of ARAs to be considered for the lifetime of the loanThe allowance of an unsolicited visit once every six months under specific circumstancesA requirement to provide additional information on the implications of a personal insolvency arrangement for a borrower on his/her mortgage loan account.The Central Bank is engaged with the firms we regulate to ensure these reforms are implemented and that firms are proactive in seeking to reach agreed solutions. This will continue to be an area of supervisory focus for us, while recognising the importance of also having mechanisms for a fair and just outcome where an agreed solution cannot be found (be that through personal insolvency or other Court proceedings).  ConclusionHaving a range of different providers in the mortgage market provides competition and a wider range of options for consumers, to the long-term benefit of our society. Crucial to realising those benefits is that all providers are subject to the same regulatory requirements, that those requirements are properly supervised and that borrowers themselves have avenues to bring complaints to an independent ombudsman and to have debts they cannot pay resolved by an independent party in a fair manner. I believe all these features exist in our framework in Ireland, while recognising that each can be improved and that, for the Central Bank’s part, we must remain vigilant to ensure that the firms we regulate adhere to the regulations we are charged with overseeing. I thank the Committee Members for your attention. I and my colleagues are happy to address your questions. [1] Residential Mortgage Arrears & Repossessions Statistics – Q4 2025.[2] Residential Mortgage Arrears & Repossessions Statistics – Q4 2025 and Retail Interest Rates – December 2025.[3] Mortgage Arrears Forum.[4] Letter from Governor to Minister for Finance in relation to mortgage interest rates, dated 6 June 2023. [5] BPFI Switching Information.[6] The OECD Report observes that, “The Central Bank is a mature and sophisticated oversight body and has appropriate policies and practices in place to effectively monitor financial markets, identify risks to consumers and improve outcomes for consumers”.

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