I have been informed by the Central Bank that all requests for new lending go through a formal process which inter alia includes steps such as application, assessment, approval, decline or defer pending further information, issue and signing of a binding contract and draw down of funds. Over the last three years the Central Bank has taken various steps to ensure higher lending standards by implementing various initiatives to improve governance, systems, controls, processes, and training. Examples of these various initiatives include but are not limited to the corporate governance code for credit institutions and insurance undertakings 2010, minimum competency requirements, Central Bank Provisioning and Disclosure Guidelines 2011 & 2012, Central Bank Valuation Guidelines 2012 and the fitness and probity regime 2011. In addition the Consumer Protection Code 2012 contains requirements in relation to information and suitability in relation to the sale of loans.