Mr. Fergus Murphy:

I presume the Chairman is talking about personal customers. It is not exactly like a split mortgage. We look at the total debt of the customer and try to take a holistic view of all of the debt. The property often comprises an owner occupier primary domestic dwelling, an SME, buy-to-let properties, tax loans, car loans etc. We look at bundling all of that together and prioritising how we manage it, with a view to bringing the customer again into a repayment plan that works for the customer. Therefore, we break their loans into three, an A a B and a C part. The C part is a stretched target that may not be doable for the customer.

Through time, depending on the performance of the other loans, we look at the possibility of compromising on that. Therefore, we are trying to segregate our book in the way suggested.