Mr. Bernard Sheridan:

I do not know about that. I am not here to defend the industry, but in determining whether something is excessive, we look at the cost of credit. For these loans which are relatively small, borrowers look at how much they will have to pay in total, how much they will have to pay per €100 borrowed. They believe they can afford to repay it. In those terms, we can understand why people use moneylenders.