Mr. Paul Hackett:

I will explain. The merchant service providers are the companies that facilitate merchant retailers, including travel agents like us, to accept credit cards. It is the technical piece whereby we accept the card from the consumer. We are bonded and licensed by the Commission for Aviation Regulation and therefore there is zero risk. There has been some exposure to the merchant service providers for travel that is outside the bonding and licensing arrangement. People who book accommodation only or flight only directly with an airline are not covered under the bonding and protection. However, our sector is fully protected. The merchant service people are effectively requesting a double bonding mechanism whereby we provide them with additional cash security over and above the bonding that we are providing through the Commission for Aviation Regulation.

This is a cash drain. There simply is no risk attachable to what they are talking about. It is really important for the Commission for Aviation Regulation, the Department of Transport and the Department of Finance - because some of these entities are regulated by the Central Bank of Ireland - to look at and get transparency from these companies as to where they assess the risk. We have asked them to quantify this risk and show us where they have been left out of pocket. We do not believe it exists within the bonded sector.