Ms Francesca McDonagh:

We feel this is the best model for this particular group of mortgages. We have spoken about having all options on the table, and the option to sell mortgage books is still possible. We are not saying that this is the only option we would take. Until now we have been totally focused on working with our customers. This is a securitisation, but all other options are on the table. This particular group of mortgages is particularly relevant and attractive from a securitisation perspective because they are generating cashflows. These are re-performing mortgages, but there is cashflow in terms of the repayment of principle and interest every month. The generation of cashflow makes that pool of assets a good candidate from a securitisation perspective.