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Sale of Student Loans Bill

There will be provisions in the contract to ensure that the Secretary of State is notified of any onward sale, so we will know that an onward sale has been made and where. I stress that the trade and the buying and selling will be of the bonds. The title and ownership of the loans will stay with the special purpose vehicle. One can never say never, but we believe that it is extremely likely that they will stay with the special purpose vehicle and that the buying and selling that happens will be of the bonds themselves. I know that the noble Baroness appreciates that point, but I wanted to emphasise it again.