Yes I understand that and the HFA as a state agency gets its funding from central government I presume. As the NTMA recently sold 7yr bonds at less than 70bps to the market so I assume the funding for the HFA has similarly reduced. What is the point in the ECB flooding the markets with liquidity if state agencies do not pass it onto the end borrower? I think this should be a similar argument being made re SVR customers with commercial banks. Are those of us who are paying are affordable housing loans subsidising those who have defaulted on the county council's books?