Mr. Terry Murphy:

No. Under the legislation, these companies must apply for renewal of their licence every year. They will supply information on changes to the firm, how they are meeting the fitness and probity requirements, their product range, the APR and the cost of credit, all of which we will check. We will also receive information on the number of loans outstanding at the start of the period, the number of loans advanced, the number of loans repaid and the number of outstanding loans. If there are requests for an increase in rates, we will look into them and require a detailed commercial justification to be given.