Dr. Martha O'Hagan-Luff:

The funds operating here would not come under the remit of the Central Bank in terms of consumer protection, which is why the Central Bank put forward legislation in 2015 to the effect that the loans have to be serviced by the credit servicing firm, which must be regulated by the Central Bank. The reason the Central Bank did that is because some funds will find a way to be regulated in Ireland. For example, Cerberus has come up with a solution which sees the ownership of the loans rest with regulated firms. However, other firms are being asked to change their business models. Some may withdraw bids on that basis and others may not. The reasoning behind it is-----