The IPC, an independent body representing the public interest in insolvency matters, expressed its scepticism on the financing proposals put forward that might override the security and legitimate expectations of other secured lenders. The IPC also doubted whether the measures would be effective in attracting new money given the shortage of credit available in the wider economy. It believed that more weight should be given to the potential downside risks of the proposals and it questioned the validity of the Impact Assessment. In short, the IPC is of the view that a recession of the current magnitude is the wrong time to introduce measures of the kind proposed.