Mr. Lorcan O'Connor:

I suggest that question is probably more appropriate for creditors. The insolvency service does not have a remit to examine the origins of a loan, nor does it.

However, as I said, as soon as a person engages with a personal insolvency practitioner they will fix that loan, whatever about its history. They do in the sense that over 80% of proposals are approved in the first instance and now we have the court review for the remaining portion and we are seeing that at least eight out of 11 of those are resulting in the outcome that works for the debtors.

In terms of the other issues raised, and the so-called vulture funds, it is fair to say the legislation that we now have protecting debtors in the sphere of personal insolvency goes beyond that which exists in all other common law jurisdictions. Where vulture funds arrive - let us say it is the first time they have bought a loan book - there is a learning curve. We do as a matter of course, as soon as we become aware of their activity, contact them to make them aware of the protections that are there for debtors and what the operation of our insolvency legislation means for them. Once we have had that engagement there is a respect for that and they would respect the protective certificate which stops those lenders from making contact with the debtor. We would have had instances where unbeknownst to them they have continued to make contact, unaware that the legislation prevents them from doing so, but once we have told them we are not aware of instances where they would continue to breach that.