Mr. Ed Sibley:

As I have outlined, we would question whether it delivers much benefit in terms of actual, real regulatory consumer protections, notwithstanding that I understand the sentiment behind the Bill and the questions the Deputy raises. I would be concerned around what it means for the funding model of firms - of banks - and, overall, how the mortgage market functions in Ireland and the further discouragement for new entrants to lend into the Irish market. Not only are they using secured funding today but, in relatively recent history, at the height of the crisis, a very significant amount of money, some €140 billion, was the total drawdown from the euro system, 40% of which was based on mortgage security. At a time of need, the concern or difficulty in accessing that funding would have pretty acute consequences from a financial stability perspective.