Michael McGrath (Cork South Central, Fianna Fail)
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A key issue is that the Central Bank has regulatory responsibility on the prudential side to supervise banks and ensure they are performing functions correctly, and there is also a regulatory function relating to consumer protection. When I consider the mortgage arrears targets programme, it is very much designed on the prudential side. I argue that it is skewed firmly in favour of banks. The witness's definition of a sustainable solution is as he has outlined, including the commencement or threat of legal action. We have seen that in over 60% of cases reported by the end of June, that was the solution of choice for banks.