Mr. David Duffy:

If we start to believe in a system that mortgages should be deprioritised then the ability of the sovereign to raise funds and everything else which is collateralised on mortgages will be problematic, but let us leave that aside for a moment. If we are in a position where someone borrows at 4% on mortgages and at 10%, 12% or whatever the rate is on unsecured, and they are treated equally, there is a real problem with the risk we are associating with that. It is completely impractical.