Mr. Declan Reid:

In his opening remarks Mr. Horgan referred to the fact that have altered our approach from the original proposal. Rather than targeting this legislation at the SPVs or the SSPVs, we are targeting it at the servicer. That may well be the owner of the loan but in most cases it will be another company that interacts with the borrower. The list of exemptions which Deputy Doherty raised in his question is less relevant now because the exemptions do not really apply. It is the servicing entity which interacts with the customer which will now be regulated under this current proposal.