Mr. Ed Sibley:

We have not seen the MABS submission, but would be happy to look at it and to engage with the organisation directly on it. However, what we have seen in terms of approaches being taken to comply with the CCMA, and in terms of coming up with restructuring arrangements that either have transferred as part of a sale or were put in place post-sale, is that the retail credit firms are complying with the CCMA, engaging effectively with borrowers and offering a range of options. Within the banks today there are different options and preferences in terms of how different borrowers are being treated and the solutions being put in place. That is the case in banks and non-banks; there is no difference. We can see that restructuring arrangements are being put in place. It is perhaps worthwhile to discuss how we have been engaging with both the bank and the potential buyer in the case of those most material loan sales. Permanent TSB and Pepper have both been here to discuss the transaction that took place last year, which was a significant transaction involving loans that had primarily been restructured at that point. We had a very high level of engagement with Permanent TSB, and will continue to have very high levels of engagement with any potential seller to make sure that the risks to individual borrowers in that circumstance are understood and are being mitigated, and that commitments are made by the purchasers to ensure that those risks continue to be mitigated and addressed in longer term, post sale. The Deputy is correct that we are in the early days of this process, but our engagement through the process, certainly for the most significant sales, makes sure that those risks are understood and that there are commitments from both seller and buyer. We can discuss that further if it is helpful.