Mr. Cormac Ryan:

I thank the Chairman for sharing some of those. First, we are here talking about Glenbeigh and the securitisation. The reason I bring that up is that from a CCMA point of view, there are very strict rules about engagement and how we deal with customers. The whole area of receivers and the processes that apply to buy-to-let and commercial real estate are quite different. Because of CCMA, how that part of the business is managed is much tighter from a regulatory code point of view. It is absolutely not my position to make any excuses. We are not perfect. There should not be cases where it is difficult for third parties such as receivers or for customers to engage with Pepper. It is difficult for me to comment on individual cases, but I note that some of these cases are quite difficult. People are in very difficult circumstances. What people describe as a lack of engagement can be subjective at different times.