Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

I also thank the witnesses for the work they do. I know first-hand the impact it has had on people's lives. Mr. Hall mentioned how this issue impacts on people's lives. Sometimes, when we talk about issues at committee, we do not think about the real life impact they have. One of the witnesses said how much more acute this is becoming. We know all the different pressures people are facing at present. We see people coming to our clinics who are at the end of their tether. It has happened to me a number of times that wives have come in who might not have been aware of the fact their husbands were not able to meet the mortgage and so on. It is when it is far too late that it suddenly becomes obvious and apparent to them. We see the stress and strain in people's lives. People have other stresses and strains in their lives but when this comes about, it has an impact. In that context, what has been said is powerful. Mr. Burgess referenced gouging. The plain and simple situation is that raw gouging is happening.

I will pick up on what was referenced in his opening statement but my questions are for everybody. Central Bank representatives come before the committee on a regular basis, as the witnesses will be aware. I often noticed that when some kind of issue arises, or a matter related to financial regulation occurs, and we call in the Central Bank, its representatives will say they require additional powers. Other times, it sometimes seems reluctant to use the powers it has. I am interested in hearing views on the powers the Central Bank has, whether it has failed to exercise them so far, or if it just has not used them with the required vigour.