Mr. Ray MacSharry:

The only way it can develop is through the structure we have proposed of a good bank, an asset management unit and special other units such as CHL Mortgages in the UK and Springboard Mortgages. We believe great progress has been made since we concentrated on this asset management unit. There is no doubt that there is also an improvement in relationships with customers. The good bank can then survive and become a competitive force. We only have two banks. Things will improve again. It is important to put on the record that while there are many arrears and that it is a worrying and challenging time for banks and institutions to survive as well as for the customers in arrears, the fact of the matter is that up to 80% of residential mortgage holders are paying their mortgages. In these cases there are no arrears and they are performing loans. This must be remembered. We speak about differential treatment between one borrower and another. It must be remembered up to 80% are paying their loans, honouring their commitments, paying their debts.