Mr. Stephen Bell:

I would not say there are additional solutions but the example the Chairman illustrated is exactly right. A home loan is a long-term arrangement that provides accommodation for a family or individual, whatever the case may be. We believe it is not correct to treat short-term or medium-term arrears as if we are trying to collect the money. One of the key factors is that Ulster Bank Ireland Limited is not trying to collect the arrears of anyone. We are simply trying to normalise the repayment on the home loan in order that the customer can get back into a sensible position.

One reservation we have had around the sustainability wording is that it sort of requires a degree of foresight about what might happen in the next 25 years which we do not believe is available to us necessarily. This may cause us to take premature action to crystallise a position which we do not believe is right. Therefore, we believe there is a role for solutions to go forward that are not necessarily going to fully discharge the loan. Hence, we believe there is a role for split mortgages within that context.