Mr. Patrick Dorgan:

It is a matter of public record that any client of a solicitor who loses money due to inappropriate behaviour of a solicitor is fully covered by the Law Society's compensation fund, which far exceeds in terms of amount and proactivity any other compensation fund of any other financial intermediary in the State.

One of the attractive features of this project from our point of view is that the capacity for fraudulent activity referred to is removed because one of the features of the system is that all the funds will be transferred electronically and instantaneously through the proposed hub. There will, therefore, be no facility for anybody to sit on or divert clients' money. One of the major drivers of this project is that all the funds will travel to all the people entitled to them. The old loan will be paid off, the new loan will be drawn down, the buyer will see his or her money go to the seller, the stamp duty and registry fees will be paid and this will be done simultaneously and seamlessly through the electronic hub.

We feel the opportunity for fraud is virtually removed.