Mr. Jeremy Masding:

I think that is an unfair question. I am not going to speculate on how Start Mortgages runs its business. I do know that this bank has avoided enormous numbers of repossessions. I know that this man here has spent the last six years of his career working with customers to try to find long-term solutions. I know that I am a regulated entity. I know that the ECB holds my banking licence and I know it is important that Permanent TSB competes and provides finance for the next generation of home owners. I know that we have looked at all the alternatives and I know that the loan sale is the least worst alternative. I know that the Governor has assured this committee that the protections travel with the loan. That is all I can say.