Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I thank the Deputy. The model which operates for regulation by the Central Bank is that a single entity is responsible and answerable to the Central Bank for actions it undertakes, or which are undertaken on its behalf. If a firm is undertaking credit servicing solely or exclusively for a firm which is already regulated, then the regulated firm is answerable to the Central Bank for any actions it takes or that are undertaken on its behalf. As such, the borrower is adequately protected, as there is always one regulated entity dealing with his or her loan and therefore subject to Central Bank supervision. Therefore I cannot accept the amendment.