The Central Bank is currently reviewing the code of conduct with a view to changing some of its provisions.
The consultation period ends today.
Mr Hayes said there would have to be fairness from people themselves and where there was an unsustainable mortgage, the situation had to be “moved on and confronted”.
Asked whether he favoured retaining the restriction on financial institutions of three calls per month to clients in difficulty, Mr Hayes said he wanted to see a fair code of conduct.
He also said he presumed that in drawing up the new code of conduct, the Central Bank would have regard to the submissions of FLAC and others.