The Solicitors (Professional Practice, Conduct and Discipline (Commercial Property Transactions) Regulations 2010 prohibits the provision of certain undertakings by solicitors in relation to commercial property transactions but this prohibition does not apply where the liability is less that €75,000. These regulations followed much publicised difficulties in relation to undertakings provided by certain solicitors in relation to property transactions.
The security required in commercial property transactions and the banks' acceptance or not of these undertakings is a matter for the legal and other divisions of the individual banks and I am aware that some banks do not accept them even where the amount is less than €75,000. However, the Government operates at arm's length from the banks and does not become involved in these types of operational matters.