Mr. Maurice Crowley:

It is hard for me to comment because we are not here to represent moneylenders of the type the Deputy describes. We are very comfortable with the quality, appropriateness and professionalism of the loan services firms we suggest here should be the regulated entities. I draw a clear distinction between the activities of moneylenders and what is happening here, which is the transferring of existing borrowings and existing borrowers as part of a portfolio to what I agree is another purchaser. To respond to Mr. Joyce's point, a purchaser might lack a great deal of physical substance in Ireland, which is why we would focus on the servicing entities, which have a physical presence and which have in place the processes and procedures to service appropriately these loans in accordance with all the codes and legislation. That is our focus and we hold no candle for the moneylending side.