Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

On the Deputy's last question, the holder is the regulated entity. Subsection (2) means that there is no confusion as to where the buck stops. Under this legislation, the buck will stop with the owner of the debt or fund, not the administrators or the agents on behalf of the fund.

In the debate we are having on whether it is a retail credit firm level of regulation or the credit servicing firm level, it is important to remember if we implement the retail credit firm level we are implementing a level of regulation for a firm in relation to the provision of credit, the credit risk strategy, the credit policy, the credit control policy and, provisionally, for a firm that does not provide credit. That is the essential point on why we are going with a credit servicing firm rather than the retail credit firms policy.