Kieran O'Donnell (Limerick City, Fine Gael)
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The devil is in the detail. My point is that it is clear there is a major problem. The banks are clearly using the old provisions to bring in charges. The issue is the differential in margins. I suspect that the banks are doing a hybrid based on the charges that require approval from the Central Bank. They appear to get a high rate of approval from the Central Bank. Then they are mixing that with charges that apply under the old legislation, which they do not have to flag to the Central Bank. This is probably the first time that the customer has become aware of this situation. I have been around for a reasonable length of time but this is the first time I have become aware of this situation. Is what I have said correct?