Ms Margaret Hayes:

I would like to reiterate a point I made earlier in discussion with Deputy McGrath. We have put in place a detailed mortgage resolution process which involves engagement with customers, taking them through a menu of options to see what is the most suitable in terms of allowing them to remain in their homes. We accept that at the end of the day, it probably will not be possible for everybody to remain in his or her home, while some may not want to remain in their homes. As explained by Mr. Masding, there will come a point at which a call will have to be made, using the insolvency legislation and his own judgment, as to what is in the best interest of the bank and the customer. At the end of that process there will inevitably be write-down in cases in which the customer is clearly unable to pay.