Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

In the context of the targets, under this measurement Ulster Bank has already achieved the end of September target. Earlier, Bank of Ireland gave a figure of 53% and indicated that it has achieved its end-of-year target in the context of resolution. There is a serious mismatch between what people understood to be sustainable solutions and the actual measures being rolled out by the banks. I do not really expect our guests to respond to that, I am merely making a general observation on the roll-out of the programme.

I wish to move on. Ulster Bank is not using the term "strategic default". Our guests referred instead to a breakdown in payment discipline and to a sizeable minority of customers not engaging. They also indicated that when the bank obtained the additional powers under the code, it managed to contact 71% of those in arrears during the past three months. They are holding this figure up as being high. The problem of people not engaging seems, according to our guests, to be very serious. In addition, the bank seems to be using a different term in respect of those who are strategically defaulting.