Michael McGrath (Cork South Central, Fianna Fail)
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My question is for Mr. O'Connor. From the point of view of a debtor, the personal insolvency practitioners, PIPs, are licensed by the Insolvency Service of Ireland. Debt management firms are licensed and regulated by the Central Bank; therefore, if borrowers in distress go to a PIP for advice, it is inevitable that he or she will try to direct them towards an insolvency arrangement. If they go to a debt management firm, they cannot bring them down the road towards an insolvency arrangement; therefore, they will almost certainly try to encourage them to enter an informal arrangement with the bank. Is there an issue in that regard from a consumer point of view? To whom do they go for advice in terms of PIPs and debt management firms as they are regulated differently?