Mr. Ed Sibley:

The funds themselves are unregulated entities. Accordingly, we do not regulate the funds. We are regulating the activity. There are the retail credit firms and unregulated loan owners. All activity must be undertaken by the retail credit firms in terms of servicing those mortgages. We do not have powers to intervene with the loan owners where they are unregulated. We have the power, however, in cases of mortgage arrears, to ensure that the borrowers are protected by the code of conduct relating to such arrears. Ultimately, we do not regulate the funds but we do have responsibility for the activity.