There should be no convincing arguement to say value of VBA code in a file
is lower than the text or numbers in a file.

The lower level of protection is not a value judgment on workbook data
versus code. A workbook/sheet and its VB code has to work without the user
supplying the password once the workbook is opened. Therefore it cannot be
encrypted. The same restriction does not apply to workbook open protection.

--
Jim Rech
Excel MVP