Neasa Hourigan (Dublin Central, Green Party) | Oireachtas source

I thank Mr. Makhlouf for his opening statement. I appreciate that this session is focused mostly on monetary policy but I would like to go back to what we were just discussing and the point Deputy Doherty made. I have a few questions about the Central Bank's regulatory response to the current financial crisis. During this crisis, as we just heard, many banks have offered mortgage payment breaks to customers. There is a deal of frustration about the availability of these payment breaks and how interest is and was being calculated during the break period. Similarly, we have heard concerns from people who had mortgages refused or offers withdrawn as a result of their employer being on the temporary wage subsidy scheme. Prior to the crisis we had the tracker mortgage scandal, which is still dragging on for some. The Central Bank is currently tasked with regulating nearly 10,000 firms providing financial services, among other responsibilities. With such an array of financial regulations to enforce, consumer protection can sometimes seem quite far down the list of priorities. What is Mr. Makhlouf's view on the establishment, or re-establishment as it may be, of an independent financial consumer protection agency? Would a stand-alone agency better advocate for the interests of consumers, ensure redress and better enforce consequences for financial institutions that act in bad faith towards consumers?