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Sale of Students Loans Bill

My Lords, perhaps I may make one point in response to the questions of the noble Baroness, Lady Verma. We need to remember that the whole benefit to the special purpose vehicle of owning student loans is the receipt of revenue from HMRC. Therein lay the Secretary of State’s most important lever to ensure that the contracts are honoured and fulfilled. I have said several times that it is extremely unlikely that there would be onward sales, but I appreciate the noble Baroness’ concern to have reassurance. We need to be clear that a contract is in place and that all sides are contributing to it. The Government’s most important contributions are the revenues. That is what the process of securitisation is about. If another party were not to honour its commitments, there is the other side to it: the payment of revenue from the student loan book which would be balanced against that failure. On Question, amendment agreed to. Clause 4 [Loan regulations]: