Banks are reporting a "significant uplift" in engagement with borrowers in arrears in the three weeks since new rules allowing lenders to chase bad debts more aggressively went into effect, according to the Irish Banking Federation (IBF).
Senior executives at several of the main retail institutions have indicated that changes to the Code of Conduct on Mortgage Arrears allowing "reasonable contact" with delinquent borrowers have improved cooperation on resolving arrears, the IBF said.
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