Mr. Brendan Burgess:

It is an interesting question as to whether consumer protection should be with the Central Bank or with an independent body. If I was asked to vote on whether I would prefer to be with the Central Bank or a body like the Competition and Consumer Protection Commission, I would certainly would not want it to be involved. In the last 13 years since we campaigned on mortgage interest rates, trackers and arrears, the Competition and Consumer Protection Commission never once initiated anything. The only thing it ever did in that whole area was when, as part of the programme for Government, it was asked to look at mortgage interest rates or something like that. The Competition and Consumer Protection Commission has only responded to something once. It has taken no initiative in this area. As I said, the Central Bank has done a good job in some areas but it had to pushed and prodded. However, the Central Bank is doing a bad job in this area but it is doing a far better job than former financial regulator, the Irish Financial Services Regulatory Authority, IFSRA, did, which half independent. The Central Bank has done a much better job than IFSRA did because it has a lot of authority and power in terms of authorising banks and it can use soft power. The Central Bank covers fitness and probity and I am sure there are conversations going on. It could probably have this conversation with the vulture funds, which really do not like what the committee is doing here.