Ms Marion Kelly:

No we do not. We do not have any role there. That is directly between the banks, as a commercial operation or if the regulator is looking at it. This topic came up quite frequently during the public and stakeholder consultation engagement. Concerns were expressed about how people understood what was happening, for example, if their own loan was being sold as part of a sale of a portfolio of loans. One of the working groups we are establishing is on respectful and transparent communications. It is one of the issues we want to make sure is clearer for people and that if these types of activities are happening, that the process is explained clearly to individuals in order that they understand exactly what is happening, how it is happening and who they need to talk to - if they need to do so - as to what rights they still have on foot of the transfer.

As a lot of the feedback we received was that this had not been communicated appropriately, that will be a key part of our working programme going forward.