Dr. Michael Somers:

We deal with what we can. Obviously, we have no influence over the other banks but certainly our intention is that this should work properly. We have no interest in seeing people being slung out of houses or anything like that.

In my last job, when we were trying to invest some of the pension fund, a property company in the United States told us about repossessions of houses there, which was a disaster. First of all, people did not want to buy the houses and by the time they paid for maintenance and insurance, they reckoned they got back about 40% of what the houses were worth. It is a disaster.