Ms Niamh Murphy:

We have proposed to include firms that are already licensed. Names we have mentioned already, such as Pepper, Certus and Capita, are already regulated by the Central Bank. That is the type of entity we propose should be included in the category of loan servicer. They are administering the loans on behalf of the owner and in accordance with consumer protection legislation. This is not just a question of mortgage debt because a variety of sales can happen. Under European regulations, for example, Bank of Ireland was obliged to sell part of its debate. There is an ongoing need to ensure that any agency that deals with the consumer is licensed and regulated by the Central Bank.