Mr. Eamonn Crowley:

It is not that they are repaid. The structure has assets which are long-term mortgages and it has liabilities which are cash. The bonds themselves could be traded in the market. That is one way an investor can get their money back; they can sell the bond and get money from someone else. However, the vehicle itself would still exist. The vehicle does not have cash it can pay out to the bondholders. It has assets which are long-term in nature, and those assets are linked to the arrangements that are in place with the customers - the mortgagees. Therefore, the way a bondholder can get their money is to sell the bond to someone else.