Mr. Lorcan O'Connor:

While there is an ability to restructure unsecured debt within the lifetime of a debt settlement arrangement, there is no ability to restructure beyond the lifetime of the debt settlement arrangement, which is typically five years. It is important to make the point that of all the loans that are in arrears, many of them can be solved without any insolvency process. The kind of scenario the Chairman is referring to is precisely the scenario I understand is being addressed through the recently published Central Bank protocol on multiple debts, under which the bank precisely identifies an overdraft, term loan or credit union loan that has a high interest rate but could be restructured to 2%, 3% or 4% over a longer term. Immediately, the obligations are now sustainable. It is important to emphasise that there are many debts that could be repaid in full subject to restructuring, without any insolvency process.