Last edited: 9 Dec 2018 Ptsb and Pepper appeared at the Oireachtas Finance Committee on Thursday 6th December. You can watch it back here: https://www.oireachtas.ie/en/oireachtas-tv/video-archive/committees/ It starts at about 20 minutes What I learned from it or had clarified The deal has been concluded. Glenbeigh is now the beneficial owner and Pepper is now the legal owner of the mortgages. For the next 6 months, ptsb will act as the servicer for the mortgages. Pepper has long term plans to grow their business in Ireland and to use Ireland as a base to grow their loan servicing business in the EU. Pepper has been delegated all authority to deal with these mortgages. Pepper has the sole right to decide interest rates. The Review period is at least every three years. So Pepper could do it annually. I had thought it was exactly every three years. When a borrower's circumstances improve, it's in their own interests to have a review so that they will not have a balance due on maturity of the mortgage. Securitisation law required ptsb to retain a 5% stake in the securitisation. Pepper believes in transparency but is not allowed to disclose the identity of the investors in Glenbeigh.