Mr. Cormac Ryan:

In the prospectus, it is quite clear that the material control has been delegated to Pepper to make strategic decisions and control decisions on the portfolio. It is not unusual in a situation like this where Pepper has no economic interest in the portfolio, for the economic interest or the beneficial owner to be represented on that committee.

The Deputy mentioned influence and aggression. Our main role is as a servicer in this portfolio. We are regulated in Ireland. Every single interaction we have with a customer is covered by the code of conduct on mortgage arrears, CCMA, code and the consumer protection code, CPC. We need to act in the best interests of the customers at all times, so when we are doing reviews we will have that at the forefront of our minds. The owners have delegated to us. They are aware of certain things that we do, but ultimately things will sit with Pepper.

I wish to raise one other point to make sure there is absolute clarity on the concept of eligible debt forgiveness. As I am aware that we might have Glenbeigh customers listening in today or reading the transcript, I want to calibrate my words very carefully so that I answer members' questions while helping customers to understand how this will operate but, equally, not setting any unrealistic expectations. If there is any situation which we think is absolutely exceptional, looking at an individual's circumstances, where there is a case that the right thing to do is to enter into debt forgiveness, that is something that we need to agree with the bondholders, because ultimately they need to be happy with that. That is the only exception to the decision-making power of Pepper in Glenbeigh in six months' time when it takes on the portfolio.