Mr. Brian Fee:

We were keen that there would be one regulated entity facing the consumer in each case so as Deputy Doherty pointed out, with AIB outsourcing, as things currently stand AIB takes responsibility for the actions its credit servicer may take. It appeared to us that there was a possible gap if a passive SPV acting as an owner, which we did not intend to regulate, outsourced to a credit servicer that we were not going to regulate because the consumer would have lost out on certain protections. However, because the credit servicer is the entity that the consumer is dealing with, it seemed to make the most sense that they are the entity that will be regulated but we are setting it up in such a way that if the owner does not outsource to a regulated credit servicer, the owner will be deemed to need to be regulated. Generally speaking, there will be one entity as the regulated entity for each consumer.