Mr. Vincent Jennings:

The Central Bank is fully informed of the costs. The trouble was that the two main credit card companies ran rings around the Central Bank and the intention of the Minister when he put through a much better derogation in terms of interchange fees, where previously the vast majority of people were benefitting from contactless charge with a percentage rate on debit and credit cards, the companies changed the playing pitch. Effectively, it became revenue-neutral for them. We were very closely involved with the Central Bank and warned it about it. It went through and in the six months following the alteration of interchange bank rates, consumers did not benefit and customers did not benefit. The credit card companies were most certainly the beneficiaries of the changes. That was a complete change from the policy enunciated on budget day by the Minister.