Professor Philip Lane:

If there was no reason to have these sales and, with that uncertainty, why do it? If these loans are left on the books of the banks and if we experience a negative event in terms of a severe downturn, a sharp change in funding costs or in the macro-environment, it is a risk to everyone. There is a social reason for doing it. The move from only banks owning mortgages to diversification of ownership is a global movement. There is a reason for it and it has to be set against these other factors. There is a review of the CCMA under way. The investment funds have purchased restructured loans which have agreements and they are respecting them. The question is what might happen next. I will ask my colleague to comment on the CCMA.