Mr. Patrick Dorgan:

Senator Bacik has hit the nail on the head. Perhaps for the assistance of the committee I should explain what e-conveyancing is and is not. In case the impression was created that e-conveyancing will be a giant new behemoth with its foot on the neck of the consumer, it will be nothing of the sort. As everybody will be aware, what currently happens is that solicitors, through a conveyancing transaction, interact principally with each other but also with banks, auctioneers and, in particular, the PRA and the Revenue Commissioners. Nothing in that regard will change, except that the process will be electronified. As stated by some speakers, there is already in effect compulsory electronic interface in the case of the PRA and the Revenue Commissioners in that solicitors can no longer pay stamp duty for their clients by way of cheque and must do so online. This change has been embraced by the profession. Also, there has been astonishing progress made by the PRA in the implementation of its own electronification regime, which we acknowledge. As also stated earlier, a number of these processes are already carried out electronically. All that this process will be is an extension of that in order that solicitors will engage with each other electronically and, in particular, engage electronically with the banks in order that funds transfer electronically such that cheques, bank drafts, pieces of paper, cash and so on are not flying around the place in an indiscriminate and uncontrolled manner. That is all this system is about.

When this system was first considered, the thinking was that a giant beast would be created. We quickly found that was not going to work. We then began searching worldwide for providers in this area and found Teranet Inc., which appeared to us to be world leaders in this type of business. Having investigated the Irish regulatory, political and economic environments and every other environment involved, Teranet reached the decision that it could make a business case to partner with the Law Society in electronifying the existing process. That is all it is. As I said, everybody is on board, with perhaps one exception. In terms of what we are looking for, there is a clear political consensus and a policy statement that this is a good way to go but the words Hamlet and the Prince come to mind.