Mr. Ed Sibley:

To be clear about an earlier comment, I do not care a jot about individual banks. I care about the functioning of the system, how the system serves the economy and consumers, and ensuring that the events that happened in Ireland never recur. We are trying to give a view in the round of our perspectives on the functioning of the market and how this Bill connects with that functioning. As I said earlier, I understand why there is a nervousness about this issue and the narrative. Indeed, I am keen to see the MABS submission and obviously would take that into the increasingly intensive work we do with the retail credit firms. We are saying that from a regulatory protection perspective, what we expect of firms, bank or non-bank, exists whether a person's loan is with a bank or non-bank. The protections and our expectations are the same. We will be increasingly intrusive in our supervision based on the increasing prominence of the retail credit firms to make sure that is the reality. As has been mentioned and is already the case today, the retail credit firms are writing business in the State today. We expect that in the business being written and the business being bought, the individual borrowers are treated in exactly the same way and are subject to the same protections.