Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

To pick up on that point, it is important to say that Dáil Éireann decided unanimously at the level of principle on Second Stage that loan owners should be regulated. That decision was made. We will, of course, take on board the views of the Central Bank of Ireland as to how best to do that but that decision was made in principle and it will be put into effect. What I have not heard from the witnesses is what the downside is of regulating funds and loan owners. Perhaps the witnesses will give us their views on that. I heard previously from the director of consumer protection, Mr. Bernard Sheridan, that the preferred approach of the Central Bank of Ireland, at the time of the credit servicing legislation, was that loan owners be regulated. I have that in writing. I think the witness is indicating that was not the case.