Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is the key thing. It is the issue around risk. If a bank is setting up a special purpose vehicle, then basically the economic interests of the pool of portfolios is in place. Whoever the note-holders are, then the risk is with them. The economic benefit goes to them but the risk is also with them. Therefore, the number of non-performing loans should reduce.

I understand that no two securitisation vehicles are the same, but the situation is that the other banks are telling us their split mortgages are performing and are not dealt with as non-performing loans. Permanent TSB is the only bank telling us this is not the case. The other banks are telling us that they have arranged for securitisation that keeps title and servicing and also reduces their numbers of non-performing loans according to the same regulator.