Stephen Donnelly (Wicklow, Independent) | Oireachtas source

I appreciate that. I have just read back over part of the special liquidators' opening statement which stated: "We are satisfied that the voluntary nature of this arrangement strikes a fair balance between the interests of the mortgage holders as well as the interests of the creditors of IBRC." The creditor essentially is the State, the majority shareholder. Given the protections under law guaranteed by this code compared with a non-existent gentleman's agreement that no one is willing to write down, that has no oversight, no sanction and no enforceability, does Mr. Wallace believe that the Irish Nationwide Building Society mortgage holders would be satisfied with that agreement?