Mr. Maurice Crowley:

Our members - the existing financial institutions - would support the approach we have proposed. On the sale of a loan book, they feel that the most merit is to be had in regulating the loan-servicing entity. That is where it is happening and, as stated earlier, that is where the substance is to be found. The substance is not there in the SPV that would have been set up. As part of that - and in reference to comments which have just been made - it is not just the loan that is being sold, the contract is also being sold. The lender is not abdicating responsibility, as has been suggested, in respect of the loan's terms and conditions. The latter transfer across with the loan and the borrower to the servicing company and remain intact. I would, therefore, refute the suggestion that the financial institution selling the loan has responsibility.