Mr. Jeremy Masding:

This is my fifth appearance this year and I would be deeply disappointed if my school report said I was wasting the Deputy's time. I will try to answer his question. In order to allow the transaction to happen it was created as a section 110 company and the tax status comes with the design of the structure. I cannot make any comment on that but it is, as the Deputy says, in the prospectus.

In order for the securitisation vehicle to be incepted, and based on what Mr. Crowley referred to as the poor practices during the financial crisis, an originator of the mortgages, which is Permanent TSB in this instance, is legally obliged to take a 5% vertical slice. That has nothing to do with the insinuations the Deputy is making around tax avoidance.