Mr. Michael Layde:

Things have moved on in recent months but it is absolutely true what the Deputy has said. When we initiated the scheme the sub-primes were the ones who were primarily interested. They had their own particular motivations and circumstances for doing so. Their early interest should not necessarily be seen as a criticism of other lenders whose business model is different. More recently there has been much better engagement by the pillar banks which will be reflected in more recent statistics.

The mortgage-to-rent process is slow for a number of reasons. It involves various parties. Obviously it involves the approved housing body which will ultimately become the owner of the property. It involves us and we have set guidelines on what we are willing to pay for the properties which is important from a prudential point of view. There is a conveyancing process but the same is associated with any such transaction. There can also be delays with the process.