Mr. David Hall:

It is fair to say that everyone has had bad experiences with banks. I am aware that today's discussion is mostly about vulture funds and non-bank lenders, but some of the banks are not any better in relation to dealing with things. Let us be clear about that. If we are being honest and fair, we must ask whether what the loan was bought for is relevant. This is about affordability and being able to repay a loan. If we do not have the power to investigate and go back to have a look at those sales, there is a distraction. Many people get distracted and obsessed - a red mist descends - about what was paid for the loan. I had an entertaining ding-dong with a reporter one day. I was asked whether I ask what the owner of the shop paid for the cornflakes when I go in to buy a box. As sarcastic as he was being, I am very nervous of people getting distracted about what the loans were. There was no power for anybody to actually reset the clock on that.