Mr. Stephen Bell:

We were very actively involved in the discussions with the IBF and the Central Bank around what is soon to be the pilot exercise to examine the wider debt position in which customers find themselves. There is a "waterfall" arrangement which uses internationally recognised practices to walk through a customer's personal situation to see to what point on the waterfall one needs to go to resolve the underlying issue. We fully support this, were very much engaged in its design and incorporate it as a key part of our conversation strategy with our customers. The whole thing is based on whether the nature of the arrears is short term and if a small change in domestic expenditure can solve the problem, that is probably fine. Where we see customers spending more on unsecured debt than they are paying on their home loan, we encourage them to talk to their unsecured lending providers. The committee is aware that the banks have collectively agreed to deprioritise unsecured borrowings the customer has to give primacy to the home loan. For the vast majority of customers, a combination of-----