Mr. Jeremy Masding:

I would like to conclude my answer to a previous question. The code is voluntary, as the Deputy stated. The governing document here is the terms and conditions of the loan agreement, which gives us the right to assign a loan.

In that case the balance I have to make is between that voluntary code versus the NPL ratio versus trying to find the least worst outcome for the customers. I suspect we are not aligned here but in terms of the transaction that we have tried to design, the treatments continue and protections of those treatments travel with the loans and they are serviced by Pepper. Then the bank's MPR ratio comes down. I am sure we are not aligned but they are the reasons I would give in answer to the question.

In terms of section 110, I apologise if I appeared to obfuscate.