In relation to agreements or commitments given by these unregulated bodies in respect of their purchase of loan books, I understand that such agreements or commitments would not generally give rise to an obligation which is enforceable by the mortgagor. The terms of a contract can generally be enforced only by the parties to that contract.
There are some circumstances in which such agreements or undertakings can be enforced by a party not privy to the contract, particularly where that party has acted in reliance on the commitment, but such circumstances are unlikely to apply in most cases. For this reason I have asked my officials to explore the possibility of legislating to address the situation of such borrowers in consultation with the Central Bank and the Office of the Attorney General.