Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

To clarify matters, unlike the two previous banks that have appeared before us, Ulster Bank has not been capitalised by the State to any extent. The sum of money would not come through Government capitalisation but would have to be found from another source.

I wish to deal with the issue of debt burdens and the write-down of debt. I am surprised that Ulster Bank has made a categorical statement this afternoon that it will not engage in any debt write-down. I am not talking about a blanket debt write-down, which I do not think anybody is suggesting. It would be nonsensical because if it were to happen it would just create an incredible situation. Some of my colleagues might use a discourse or theoretical framework that would not immerse itself with what might be seen as capitalist bankers and they might be coming from a different perspective. I will speak in capitalist terms about a debt write-down. Like the other banks, Ulster Bank wants to see normalisation in the housing market. It wants to engage with new mortgage customers and bring in new loans. That is the business it is in and it wants to increase numbers. Mr. Bell gave an indication, with Mr. Brown, as to what prudential lending practices will be in the future. We will see loan-to-values, LTVs, ratios of 90%. What ratios in terms of income are we talking about?