Apologies have been received from Senators Feargal Quinn and Marc MacSharry and Deputy Michael McGrath. The first item is the minutes of the meeting of 26 May. Draft minutes of the last meeting have been circulated. Are the minutes agreed? Agreed.
On correspondence, there are items 2009/251, 253, 254, 256 and 277 — our reply to the financial institutions concerning penalties imposed on clients who have switched from fixed rate mortgages to variable rate mortgages. Item 252 is from the Financial Regulator concerning the same issue indicating that these preliminary findings suggest that lenders are not applying unjustified penalties intended to dissuade borrowers from early redemption of fixed rate mortgages but that the Financial Regulator intends to conduct further research to verify this. The Financial Regulator offers to provide the committee with further information when the additional work in this area is complete. Item 255 is a letter from Lahiffe & Associates on behalf of the Irish Property Owners Association. In regard to these items, does the committee wish to seek further information when this work is complete or to invite the Financial Regulator to a further meeting when the work is complete?