Mr. Ed Sibley:

We are very limited in what we can say about individual banks' particular transactions. I will make a couple of broader points. We are coming back to a specific session on the consent Bill and next week we can get into more detail. Our broader feedback regarding some of the issues on which we have been asked to comment is really in connection with the point Deputy Michael McGrath raised, which relates to the functioning of the market and interest rates in that market. We were asked the wider implications of a specific intervention in one spot and anticipation of that. It is the basis of the feedback we are giving.

The amount of reliance that banks had on securitisation was to the tune of approximately 38% or nearly 40% mortgages in 2011. Today, it is in the region of approximately 23% in terms of using them for collateral purposes, including securitisation. It is a very important source of funding. If there are issues with it or concerns around the legislative framework in Ireland, the point about competition, new entrants etc. is relevant. It is a broader point.

The question about Project Beech is more of a question for the bank and I understand its representatives will come before the committee. We can talk about our approach to sales in terms of making sure we very much focus on the consumer protection risks associated with any sales with owner-occupier or primary dwelling homes associated with them. We can talk in general terms about the engagement we have had with banks in the past rather than in the specific-----