The Financial Regulator's Code of Conduct on Mortgage Arrears came into effect on 27 February 2009 and the Code of Conduct for Business Lending to Small and Medium Enterprises came into effect on 13 March 2009.

The Code of Conduct on Mortgage Arrears provides for a gradated escalation process and a series of attempts to manage the arrears situation at key stages. Repossession is seen by the Code as a last resort. In relation to small and medium enterprises, the aim of the Code is to facilitate access to credit by requiring regulated banks and building societies to assist borrowers in meeting their obligations, or otherwise deal with an arrears situation in an orderly and appropriate manner.