Professor Patrick Honohan:

We are auditing cases. A split mortgage proposal by the Bank of Ireland would be matched by the auditor with the circumstances of the borrower. The question then asked will be if that proposal is good enough for the borrower. The original payment scheme might be sustainable for the borrower if he or she has stopped paying despite being able to. One can say that a split mortgage of that design is of no use. It is just a solution that does not move in the direction we need for borrowers who cannot pay the original scheme.