Mr. David Duffy:

The Deputy has asked a number of questions. I will make an initial comment before I ask my colleague, Mr. Murphy, to do likewise. I should mention, in order to be balanced, that we are looking at the totality of unsustainable debt, including mortgages, SMEs, buy-to-lets, commercial real estate and unsecured debt. All of those elements, taken together, comprise the debt burden that society has. It is not just one asset class. In the context of our addressing of the totality of the debt, we are figuring out how to reduce the burden, what is sustainable in the eyes of our customers and feasible in terms of repayment over a continuum, and what is unsustainable in the manner suggested by the Deputy. We will then consider whether that can be addressed by writing some of the debt off. It has been suggested that we are not looking at any write-downs, but in fact we are. We are doing so in the context of all the asset classes of debt, rather than just one. I ask Mr. Murphy to comment on the specific issue of the cost of the alternative approach the Deputy is advocating.