Mr. John Hogan:

As I alluded to at the outset, it was highlighted to us in the public consultation process that a passive SPV, for example, who was holding ownership could outsource the servicing to a firm which would not be regulated. The danger was that we would find a situation where nobody was regulated in terms of what was taking place so we have moved to concentrate our emphasis in the legislation on the regulation of the credit servicers. That will be consistent with situations such as those we would see in other jurisdictions like the United Kingdom and in other cases across Europe. Does Mr. Fee or Mr. Mac Donncha want to add anything to that?