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

I will ask a final question because I am conscious of the time. We have discussed the issue of cash-back incentives a number of times. I think we have somewhat different views on them. Has the Central Bank reached a conclusion as to whether such incentives should continue to be offered and whether consumers are well-served by what Professor Lane would regard as product differentiation and what I might regard as a means of ensuring that customers, in the aggregate, do not get the best long-term value? Professor Lane acknowledged that while the level of mortgage switching is rising, it is still very low in comparison with other jurisdictions. Has the Central Bank come to a clear conclusion on cash-back offers in order that we might know where it stands? If it has, it will then be a matter a matter for the Legislature to do what it believes is appropriate?