Mr. Lorcan O'Connor:

In answer to the first question, we will be carrying out significant monitoring in the initial stages to see whether the system plays out as envisaged. If we identify anything that needs to be changed, we will do our best to ensure this happens.

The Deputy is correct in referring to the various policy issues that are reflected through the legislation and the qualifying criteria for the debt relief note. The qualifying criteria for the debt relief note are particularly stringent, because what is offered for those who do qualify is a complete write-off of all debt in return for nothing. There is no requirement to make a dividend payment or to sell any assets as such. For those that do not qualify, there are alternative options open to them, including the debt settlement arrangement and the PIA.