Mr. Colm Kincaid:

The term is often used in the context of consumer and retail credit. Under Irish law, any person who provides or acquires a consumer credit loan such as a mortgage or an unsecured credit loan, is regulated by the Central Bank. Some of the commentary about the underlying owners of those loans relates to the fact that typically, in retail credit from a credit servicing firm, the funding for the acquisition of the loans comes from a range of funds that may be in Ireland or anywhere else in the world. We do not regulate those investors or the entities that put up the funds for the Irish regulated entity to acquire the loans.