Ms Niamh Murphy:

To revert to some of the firms we have mentioned, they are fully au faitwith the process and procedures around the ombudsman and participate in that process. We are talking about what could potentially be dealt with from a legal challenge perspective. Certainly, however, our members, be they full firms that currently are the owners of this debt and which are not planning to change that or those who are servicing the debt, they are already dealing with the ombudsman. I believe they would be happy to continue to so do because that is how they operate. They set up all their processes and procedures to do that and are comfortable with that process. As an example, we bring representatives of the ombudsman's office to talk to our members to make sure they are focused on issues that are emerging. The likes of the firms the Deputy mentioned, namely, the debt management firms, will also be part of that process. In addition, one could consider the type of entities that might buy in whereas today we are focused on the likes of private equity firms or whatever that are buying. In the longer term, we envisage - again in the interests of the economy - that there will be a substantial turnaround in who or what potentially could be a third party, that is, an owner of a debt in the Irish market. One could be looking at a pension fund and that was the basis of our original submission. It could be difficult for the Central Bank to have oversight over those types of entities, which is why we proposed that the servicers should be the ones who manage the responsibility for the whole process on a day-to-day basis and should be the ones being monitored and managed by the Central Bank.