Mr. Shane O'Sullivan:

The third option is interest only and capitalisation. Typically, this is a treatment where one pays interest only for a period. At our bank that is typically a period of three years. An alternative is to capitalise the arrears and to move on.

Finally, a term extension is where by extending the term of the mortgage the monthly repayment reduces and our customer is able to meet that reduced monthly repayment. In terms of our long-term treatments, they accounted for 41% of our total count at the half year.

Our next treatment we cluster and call closure. This is where despite every attempt to find a solution, there is no affordability evident and there is no sustainability evident. By that I mean the customer does not have any cash to pay the minimum amount of money that would be required monthly to secure either a short term or long-term treatment and at the end of the term there would be no way of repaying the capital that is due. We offer a treatment called assisted voluntary sale. Essentially, that treatment is where we work collaboratively with our customer to sell the property.

Finally, legal proceedings are cases that are at a particular stage in the legal process. Our count begins at a point where we have asked a solicitor to apply to the courts to secure a hearing date. There is a difference between the first three rows on the chart and the final row. The first three rows are what we would call flow. Those are all treatments, be they short term, long term or closure that were offered in the six-month period to 30 June. The final box "Legal Proceedings" is what we would call a stock figure because the methodology set out by the Central Bank is that one would count legal cases depending on when the case was initiated. If the case initiated in 2012 or 2011 it is a valid count in the legal proceedings category. It is slightly different to the three proceeding columns.