Mr. David Hall:

There is a way of tackling this. The committee may remember the tracker mortgage situation. In that context, the Central Bank was lied to by the lenders. This is our own regulator. When the tracker issue was uncovered, it must have caused deep discomfort to the Central Bank and everybody else involved that the initial responses were not honest and were then misinterpreted. We must ensure that there is a regulatory framework in place that tackles the Central Bank head on. That is the responsibility of the Oireachtas and the Members of the Oireachtas.

I agree with the Deputy. I do not believe it has been done correctly. A hands-off approach has been taken. They have been here before the committee on multiple occasions. A deeper dive needs to be taken. The same can be achieved, as Mr. Kissane and Mr. Burgess said, by looking at opening things up and having things contracted. If, as some predict, we are entering a cycle of further arrears based on what is happening at the moment, there is nothing wrong with trying to future-proof matters in order that this will never happen again. There is a cohort of people we absolutely need to try to protect and help, perhaps by tackling the Central Bank head on. As Mr. Kissane and Mr. Burgess stated - and they are 100% correct - the Central Bank has massive influence, irrespective of the powers it has. It has massive influence to change the behaviour of banks and it can do so without legislation. That needs to be done. If we have someone who regulates the regulator, then that becomes a lot more effective. Legislation to protect these conditions, in the context of their not ever being protected, would also be of benefit.