I think that is the nub of the reason for a CR at a time when...

I think that is the nub of the reason for a CR at a time when the SP is relatively low. CCP can be very choosy in future, and select quality PDLs at a reasonable price. The better the quality, the less demanding it is on the collections teams, so it may not have to ramp up that facility in proportion to the PDLs carried, which is a significant issue that Management learned the hard way in FY2008. Because of elevated prices, in recent years CCP has held back from competing for PDLs, and focused on collecting on old debt, but that is less productive in terms of Collections to Cost of Collection, so some of that resource can be swung back to plucking lower-hanging fruit (fresher PDLs).

Further, in the USA there is now, because CCP has been there for years, opportunity to ramp that business to an optimum scale to match the profitability of PDLs to what it is in Australasia.