Mr. Ed Sibley:

We were asked for our view of the Bill as drafted and that is the view we have given. If there was an ability to carve out eurosystem funding and wider securitisation, covered bonds and so on, that would address many of the concerns we have. I am not sure, however, that is so simple to do. In the example of Permanent TSB, it carried out securitisation through what was was effectively a sale. Getting into the detail to make that happen would be a challenge but it is one of our most significant concerns with the Bill, although Mr. Madouros might comment further.