btl ( 11 % ) loans are greater than two years past due. 10 years since the first waves of the financial crisis started buffeting ireland, and five years since the peak of non - performing loans in ireland, at a time when we are almost certainly closer to the next downturn than we are to the start of the last one, we still have a crisis in the mortgage market. first and foremost this matters because behind each account in arrears there is distress and, in the case of pdh loans, the vulnerability of borrowers at risk of losing their home. this is why there are a significant number of protections and supports for consumers facing mortgage arrears. within the remit of the central bank ’ s responsibilities, the approach to mortgage arrears resolution is focused on ensuring the fair treatment of borrowers through a strong consumer protection framework while ensuring banks are sufficiently capitalised, hold appropriately conservative provisions, and have appropriate arrears resolution strategies and operations in place. this includes, regulatory requirements such as the code of conduct on mortgage arrears ( ccma ), which was put in place to ensure the fair and transparent treatment of financially - distressed borrowers and governs how lenders interact with these borrowers. the ccma includes requirements that arrangements be sustainable and based on a full assessment of the individual circumstances of the borrower and that repossession be used only as a last resort. firms must also follow the mortgage arrears resolution process ( marp ) when dealing with borrowers facing arrears. the marp process also requires alternative options if a restructure could not be agreed or was not appropriate. within the broader irish consumer protection framework, there is a range of advice and support for those in arrears, including the money advice and budgeting service ( mabs ), the national mortgage arrears resolution service ( abhaile ) and a court mentor service to assist debtors faced with court proceedings. the government also introduced the personal insolvency act 2012, which introduced three debt resolution processes : a debt relief notice, a debt settlement arrangement and a personal insolvency arrangement. the insolvency service was established in march 2013 as an independent statutory body. the government also introduced a national mortgage - to - rent scheme. there are also a number of other non - statutory organisations providing assistance to those in mortgage arrears. however, these protections, safety nets and restructuring options are not going to

caleb m fundanga : brief summary of economic and financial developments in zambia speech by dr caleb m fundanga, governor of the bank of zambia, at the official launch of standard chartered bank crossroads branch, lusaka, 25 september 2007. * * * the chairman of standard chartered bank zambia, mr george sokota members of the board of directors of standard chartered bank zambia the managing director of standard chartered bank zambia, mr. tom aaker distinguished guests members of the press and may i simply say ladies and gentlemen i am very pleased to be here today to officially open the new crossroads branch of standard chartered bank zambia. mr. chairman, as i have stated at various fora before, it is important for banks in zambia to take the lead in implementing actions, which contribute to the development of the financial infrastructure and support the development of our economy. as you may be aware, ladies and gentlemen, we would like banks to : • open new branches, such as this one, to enhance convenience for our people to access banking services, thereby improving financial service delivery and empowering our citizens ; • provide loans to the productive sector to support economic activity, such as mr. sokota just described ; and • invest in latest state of the art technology, such as standard chartered ’ s new electronic branch banking platform. i must hasten to mention, however, that in striving to meet these demands, banks must always comply with the regulations as stipulated in the banking & financial services act of 1994 as amended in 2000, to ensure the safety of customers ’ deposits and stability in the financial sector. any activities by banks, which do not meet the minimum standards provided for in the law, will invite close scrutiny and possible sanctions from the bank of zambia to bring the banks in line with the legal framework. mr chairman, following implementation of sound macroeconomic policies, the economy is relatively stable as shown by various indicators : • inflation is under control ; • the kwacha is stable ; and • interest rates are going down, although not yet as low as we would like them to be. the cost of borrowing has remained high in spite of the progress that has been made in the monetary and fiscal management of our economy. this high cost has, in turn, stifled the growth of the productive private sector, in particular the small and medium enterprises ( sme ) sector, which should be the engine of economic growth of our country. i therefore, appeal to all banks operating in zambia to show more commitment to the growth