PiouPiou
Thank you very much for your many comments - very thorough and thoughtprovoking.
In your comments under point 4, you make another reference to debtorsbeing sticky and also to Encore Capital Group. Given that, in the USA, Encorerun a similar business to CCP, their Q1 2020 Results may be of interest to CCP share holders. In Q1 theygenerated a loss of $0.19 per share, which was well below the consensus broker estimatesof a profit of $1.13. It wasn’t the ‘lack of (un)stickiness in their Q1 collections that hurt them; in March the economic impact of Covid-19 had hardly begun, itwas the provisions the various regulations required them to make that hurt them. The followingparagraphs, which I have copied directly from their Q1 Results Management Commentary,may be insightful reading for anyone who wants to understand more about CCP’s financial‘exposures’ in the USA:
Recent Developments:
In March 2020, the World Health Organizationdeclared the outbreak of the novel coronavirus ("COVID-19") a pandemic,which has resulted in authorities implementing numerous measures to contain thevirus, including travel bans and restrictions, quarantines, shelter-in-place orders,and business limitations and shutdowns (including court closures in certainjurisdictions). While we are unable to accurately predict the full impact thatCOVID-19 will have on our results from operations, financial condition,liquidity and cash flows due to numerous uncertainties, including the durationand severity of the pandemic and containment measures, our compliance withthese measures has impacted our day-to-day operations and could disrupt ourbusiness and operations for an indefinite period of time.
Although such disruptions did not have a materialeffect on our day-to-day operations for the first quarter of 2020, they arehaving an adverse impact on our ability to collect and are expected to delay aportion of our near-term collections on purchased receivable portfolios.Therefore, in accordance with the new accounting standard for FinancialInstruments - Credit Losses ("CECL"), we have updated ourexpectations of timing of future collections primarily as a result of COVID-19,the financial impact of which materially impacted our results of operations.
Government Regulation
There have been various governmental actions taken,or proposed, in response to the COVID-19 pandemic, such as limiting debtcollections efforts and encouraging or requiring extensions, modifications orforbearance, with respect to certain loans and fees. In addition, in certainjurisdictions courts have closed and/or government actions have affected thelitigation process. Government actions have not been consistent across jurisdictionsand the efficacy and ultimate effect of such actions is not known. We continueto monitor federal, state and international regulatory developments in relationto COVID-19 and their potential impact on our operations.
The above statements by Encore only address regulatoryissues and do not directly deal with my other concern, the reduced capacity ofclients to pay due to unemployment. I pretty certain that CCP will make similarprovisions and include statements in their 2020 Annual report. 
(20min delay)