Mr. Lorcan O'Connor:

From the ISI's perspective, the view is that it is important to try to keep close to all of the stakeholders. We are, in effect, all learning by introducing a new system and it is important to stay close to each other. At the outset we would have met with all of the categories of creditors the Deputy mentioned. In more recent times it has probably been at a more formal level, be it through the IBF, the credit union representative bodies, the utility companies and credit associations. Also, when we had our seminar last February, we invited creditors from all walks of life.

Our engagement has certainly been positive. The protocol is probably the best example of that. All creditors, without exception, have been fully committed to the development of a protocol, including those that have been somewhat circumspect with regard to the engagement more generally. That augurs well. It shows that creditors realise that this is going to happen whether they like it or not and are saying, "Let us work towards trying to get a protocol in place that at least ticks as many boxes as possible around our concerns or around where we think efficiencies can be brought into the system". The fact that we have achieved or are close to achieving a protocol in less than 10% of the time it took our UK colleagues to get one in place is testament to that positive engagement.