Professor Philip Lane:

Let us deal with that first point. The letter Deputy Michael McGrath received from Mr. Bernard Sheridan said that the preferred position of the Central Bank of Ireland, when this issue first came up, was to regulate the loan owners. That was also the position of the Department of Finance. At that point, and as a result of the consultation process before that Act was passed, the conclusion, which I think was shared one by us and by the Department of Finance, in respect of the practical issues about regulating the loan owner versus regulating credit servicing would have been that consumer protection can be delivered just by regulating credit servicing.