Mr. David Hall:

I will give the Deputy a few blood pressure tablets after the meeting. I was before the joint committee on finance and said the same things. We were assured at the time that vulture funds would protect consumers in the same way that the mainstream banks would. The Central Bank has been fast asleep for many years when it comes to consumer protection. It has a dual regulatory function in relation to funds and banks, which is completely inappropriate, unsafe and not in the consumers' best interests. I met representatives of the vulture fund Pepper Finance on Monday. It has a structure that allows it to charge 9% interest rates. Believe it or not, the mainstream banks have held back quite well because they have gouged us in respect of deposits. They have held back on rates and have made great profits. They are terrified of touching them because the profits for last year will be rocket fuel. We borrow, transact and owe so much money but hedgehogs have more rights. There is an association to protect hedgehogs that are walking across the road. It is frustrating that politicians, the Department of Finance and the Central Bank fed into the media that people should not be worried if they are moving to a vulture fund because they will be protected and their consumer protections will follow them. Those were utter lies. Everyone needs to be clear and careful about that. In one of our submissions to the committee, we refer to the Central Bank rules on capital for those who get into mortgage arrears. It will inevitably happen again because all the lenders are preparing for another mortgage arrears crisis, as is the Central Bank, which the Governor told us face to face.

If they do that, the Central Bank is the one that applies pressure. Let us be absolutely clear. It is a stupid rule which the Central Bank introduced that required banks to hold capital on par with those in arrears that forced them to sell to vultures and that is an organisation that is held to account to this House.