Mr. Jeremy Masding:

In terms of Bank of Ireland, it would be really unprofessional of me to comment on a competitor's securitisation contract. As Mr. Dolan says, no two designs are the same. We have no other line of sight to the real intricacies of the asset which underpin it or the relevant third party advice that Bank of Ireland took. The complexity of NPLsecuritisations is reinforced by recent press speculation, which I presume the Deputy has also read, that outsourced servicing might actually be required for that transaction in due course. There is a clause in the prospectus, having just looked at it myself very superficially, which states that there are mechanisms for such arrangements. It would be unwise of me to make a definitive comment on the existing or future potential construct of the transaction. The only comment I can make with definitive assurance to the Deputy in his position is that the advice we took was that, in order to achieve de-recognition and therefore reduce the NPL ratio, we could not retain servicing.