Mr. Edmund Honohan:

The credit purchasers may be anywhere in the world but the point about that is they are availing of a mechanism here to expedite the processing of their claims. It was also referred to in the High Court case I spoke of, Flavin's case, where the judge said in the case of registered charges that they may be able to prove title by reference to the register. There is a big problem there. The register was the vehicle for an obscuring of the true ownership of the burden and has been since early in this whole process. The register states the name of somebody who owns the burden. The section in the Act in relation to register of title suggests on one interpretation that that is conclusive, that is, that the person named as owner is owner to all intents and purposes irrespective of whether there is a credit purchaser who does own it way out in Portugal or some place. We park the Portuguese element and allow the man who is registered, that is, the loan originator, to carry on as if he was the true owner. He comes into court and says that he is the registered owner and therefore he is entitled to his order for possession. But he is not telling the whole truth; he is telling part of the truth. What have we got? At the beginning of this period we had a hullabaloo about strategic defaulters. It was strategic defaulter this and strategic defaulter that and now we have strategic liars.