Mr. Ed Sibley:

As the Governor and Ms Donnery stated, we are very keen to continue to progress our work in this area but there are a number of different lenses to it. If we think about it from a financial stability perspective, we are looking at interconnectedness and the risks, as we discussed with Deputy Pearse Doherty, relating to leverage, which the Senator is talking about, and other issues in terms of potential hard stops. I would make the point that having diverse funding and investment into commercial real estate is a positive, relative to where we were in, say, 2007 and 2008 when it was primarily driven out of the banking system, and we know what happened with that.

The sale of mortgage loans is clearly relevant to our wider work when we think about financial stability but our focus in that area is to look at it from a consumer protection perspective. It is relatively small, albeit we are talking about very large numbers, and it clearly matters to the people involved, but our focus is very much from a consumer protection lens. It is about engaging with the credit servicing firms and the retail credit firms and asking about the approach they are taking to-----