Mr. Bernard Sheridan:

Under the Act, our role applies to individual applications for licences, which are mainly renewed every year. Our role relates to each firm, its business model, the types of loan it proposes to provide, the terms of those loans and the rates it charges. We intervene on a firm-by-firm basis. We took over this role in the market in 2003, since which time the rates, types and terms of loans have not changed.