Mr. Jim Brown:

What we were highlighting - we used Northern Ireland as an example because it had very similar economic stresses, with property inflation, etc. - was that in most markets there was a direct link between unemployment and mortgage arrears. If unemployment rises, mortgage arrears rise and as unemployment falls, mortgage arrears tend to fall. That was the case in the Republic up until April 2011, but since then unemployment has come off its peak and we are still seeing a rise in mortgage arrears. That is the point we were trying to make.