Mr. Declan Dolan:

Generally, securitisations are very complex financial instruments. While they share lots of common factors, no two are exactly the same. In the case of Glenbeigh it was particularly complex because the underlying assets, while producing consistent cash flow, were classified as NPLs. Specifically in respect of Glenbeigh and in order to achieve balance sheet de-recognition, which was the aim, we took advice and guidance from a number of third parties and stakeholders around myriad connected factors, which included accounting, policy, risk, pricing and, ultimately, servicing. The advice was clear that in order to best achieve de-recognition, the bank could not maintain its position as the servicer on a long-term basis. The advice we received specific to our securitisation was that in order to best achieve de-recognition, we could not be the servicer over a long period.