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

No. I am discussing performing tracker mortgages. The bank has €3 billion of performing tracker mortgages. These are people who are not in any kind of resolution process. If rather than just flipping them over and getting no benefit the bank were to consider a 20% write-down in the mortgage while putting them on the standard variable rate, it could yield the bank €2.4 billion in performing mortgages. It would allow the bank to move to a more sustainable position because if it is not sustainable, it means all those loans are going into NAMA anyway and there will be a write-down of far greater than 20% on those debts.