Mr. Ed Sibley:

To supplement the response of the Governor, there is still a large number of borrowers in deep distress, whether their lenders are banks or non-banks. For those who are willing and able to engage with the lender, there is not necessarily a path to curing their loans as they may be so deep under water. Solutions such as mortgage-to-rent arrangements and the insolvency service are critical in that context. To date, the take-up of mortgage-to-rent arrangements, relative to the initial aspirations and certainly in terms of the need, has been relatively low. We would certainly welcome anything that would enhance the take-up and use of mortgage-to-rent arrangements in those circumstances.

On the options or offerings, we have details not only on the suite but also on the reality on the ground in terms of the treatments borrowers are on. This was touched on earlier. With a sale from a bank to a non-bank, or even from a non-bank to a non-bank, as the Senator touched on, the arrangements in place and agreed are being maintained for their lifetime. We are also seeing that the firms, the non-banks, are trying to stabilise the situation somewhat, essentially with some short-term measures. We want to see more in terms of sustainably looking for the path to cure and more use of options that would drive the curing of the underlying problem. I pushed the banks on this. More needs to be done on this area in both the banks and non-banks.