Professor Patrick Honohan:

It will not let the banks off the hook. My overall aim is the same as that of Deputy Spring, namely, to allow distressed mortgage holders to move forward with clarity in a situation that is affordable for them. I am fully in line with him on that, although I am unable to frame it in precisely the same way as he did, but the ultimate goal is the same. This is really important. I know there is disappointment about what has been achieved so far. I too am disappointed. Our policy is going in the right direction but it has only started.