Mr. Bernard Sheridan:

We advocated for a certain regime to be put in place. The legislation introduced something slightly different. It is too early at this stage to say how effective that will be. Essentially, we are regulating the credit servicing firms and we have ensured the mortgage arrears code, for example, will continue to provide protections for people after the loan is sold. However, it is early days yet in terms of how that will work because we regulate the intermediary who is acting on behalf of the loan owner. We must be notified if a loan is going to be sold by a regulated firm and we have requirements in place to provide that borrowers must be informed about what is happening as well. Clearly, however, a borrower goes into a different situation after a loan is sold. One day they are the customer of a bank and the next day they have an account with a fund from abroad. Their circumstances change but we have tried to ensure, in terms of how the borrower is treated, that if they are struggling to keep up repayments, the protections continue to apply.