Mr. Ed Sibley:

In terms of the sale of a loan, we do not have powers to intervene. Where we have powers and responsibility under the recent changes is to make sure the codes and protections the borrowers have, namely, the SME code, code of conduct on mortgage arrears and so on, travel with the borrower. The regulated firms that deal with and service the borrower have an absolute responsibility to make sure they adhere to those codes.

In terms of the strategy that is being followed by the ultimate owner, they will be takers of that provided it is not in conflict with the codes. I do not disagree that there are risks and potential issues around that. Without delving too far into the issue, there are also potential benefits for having these types of operations. In the circumstances of Ireland, for example, they have enabled the National Asset Management Agency, which was mentioned, to clean up its books and move on to being able to service the economy again. There are upsides and downsides to that. The Acting Chairman highlighted some of the risks. There are some upsides in terms of the strength of the banking system and its ability to serve the economy and customers' needs in future. I accept there are risks.