Professor Patrick Honohan:

They are wrong. I will try to find the wording which sets out the qualification in that regard, which, I think, is 70 years of age. The rule is that an overall ceiling of 70 years of age will apply for the Central Bank to consider a term extension, which I think is what the Chairman is talking about in the context of the issue of sustainability, unless there is firm evidence that an older age limit can apply. There is an out. The banks could say that the reason they are not granting the term extension is because they do not believe the person will after 70 years of age have any money to pay them. Instead, they are saying they are prevented by the Central Bank from doing so, which is not the case. The Central Bank rule provides for a ceiling of 70 years of age unless there is firm evidence that an older age limit can apply.