Professor Philip Lane:

As Senator Rose Conway-Walsh stated in respect of what consumer protection delivers versus other elements, it is very important to think about the whole system. Compared with many other countries, the Oireachtas has, over a number of years, put in place many elements, all of which are open to question. If Members informed us that Abhaile was not providing sufficient help or that the insolvency system was not working in the way the Oireachtas had intended in legislation, all of this should come under continuous review, given the change in the market and the likelihood of more sales. However, if the ultimate issue is about what outcomes there will be, that is all within the legal framework. I do not believe there is any distance between us in that regard.

We listen to Members and have to ask what we can do in terms of consumer protection. To respond to Deputy Michael McGrath's point on that issue, if we believed we could deliver more by directly regulating the loan owners through some other vehicle, we would be happy to say that, but our honest belief is that the parameters of consumer protection can be delivered through regulating the credit servicing firms. In terms of conduct, we have open ears.