Mr. David Hall:

I have one point to make about securitisation. We saw very recently that, for the first time, performing loans were sold to a fund, securitised and then became non-performing. That is a very dangerous area where somebody who had a performing loan got sick or into difficulties and then needed a restructure. It is the owner of the loan who is not in a position to look at restructuring the loan that falls away so a major issue arises. The assumption made is that a performing loan will be a performing loan for life. Performing is not performing for life. Circumstances can evolve so people can end up in difficulty. A significant issue has now arisen where some of the performing loans that were sold were securitised and are being managed by a credit servicing firm, some people have got into difficulties and trying to find the actual owner of the loan to physically make a decision is very technical.