Mr. Noel Brett:

I thank the committee for inviting the BPFI to attend this meeting and to make a brief opening statement. As requested, I have made a written submission in advance. I apologise for not being in a position to attend the committee's meeting on 25 June, as it clashed with the IBF main council meeting and I was unable to reschedule with that notice. I am pleased to be in attendance today to answer whatever questions the committee may wish to ask.

The BPFI is a new organisation created following the merger of the IBF and the Irish Payment Services Organisation, IPSO, in September 2014. It is a membership organisation representing more than 70 members in the banking and payments industry. I will open by definitively stating that member banks are fully committed to the introduction of e-conveyancing. My members will make the necessary investment in internal bank systems, work flows and staffing to enable lenders to participate fully in e-conveyancing. I want to be unequivocal about their preparedness, willingness and desire to be involved.

Until recently, a key sticking point was the issue of mandated use by all parties. Banks are keen for there to be a mandatory transition date to the new e-conveyancing system and for the paper-based system to be phased out. It is not feasible to introduce e-conveyancing while retaining the old paper-based system with both running in tandem. When e-conveyancing goes live at a given date following a transition period, there should be mandatory participation in the process by everyone. The committee may wish to consider whether there is any potential benefit in legislation for the mandatory use of e-conveyancing by all parties.

A number of issues can be addressed bilaterally by my organisation and the Law Society of Ireland under a recently agreed memorandum of understanding. These include the holding of funds and the security of same, service levels and the integrity and resilience of the ICT systems that underpin e-conveyancing.

With the Law Society, we can progress these matters.

We note that the Government has included e-conveyancing in its Construction 2020 strategy. It is my understanding that the Government has tasked the Department of Justice and Equality with reviewing and reporting on the steps required to deliver a system of e-conveyancing, including the resource implications and the timelines for delivery. The BPFI will engage proactively in support of this action. In parallel, we will work with the Law Society of Ireland to ensure that processes and operational issues from a lender's perspective are addressed in a timely manner.

As outlined in my submission, the introduction of e-conveyancing is timely and will deliver better services to the public, enhance security and reduce risk and deficiencies for all stakeholders, both public and private. BPFI members are committed to participating and will engage proactively with all stakeholders and parties.

I thank the committee for affording me the opportunity to attend this meeting and I am happy to answer whatever questions it wishes to put to me.