Mr. David Duffy:

I will ask Mr. Brendan O'Connor to comment, but I take all of that on board. I cannot judge what NAMA is doing so I cannot do a direct comparison, but, the principle and philosophy Deputy Spring expressed there are concerns associated with so we will examine that. I am operating on the basis of a bank that has a certain amount of capital, a regulatory environment which has instructed me what to do about that and a principle of affordability. That is the best I can do. In that circumstance we have an absolute sense of the stress on this. My strategic default argument is not just to entertain or annoy people because that is getting in the way of fixing those in real distress.

Regarding Deputy Spring's point on education, I agree. We have been trying to figure this out. Regarding previous comments by Deputy Pearse Doherty, if there is a gap here, we will fix it. Regarding the expertise these people should have in an insolvency or restructuring solution, we are happy to ensure that is of the highest standard and we are working closely with the insolvency agency for the personal insolvency practitioners, etc. to ensure that is the case. There are many issues here.

Ireland is trying to implement a process no other country in the world has put in. In the UK, if you are not paying your mortgage - "Out." There is no split mortgage or any other offer. We are trying to deal with very complex situations. I will take on board everything the Deputy has said. If we are going to have to educate better and be smarter about ensuring the person has the right advice, we will do that and that is part of the offering we have.