Mr. Shane O'Sullivan:

There are a couple of points. The process is unnecessarily cumbersome. A lean six sigma type of exercise, if the Deputy is familiar with that concept, needs to be completed so that all these double touch points and this lack of joined-up thinking are reviewed and improved.

At the core is the issue of valuations that the Deputy mentioned. The bank will look to the open market valuation, which is the norm in banking, to establish the value of the property and the price the bank expects to receive for it. On the other side, the housing associations or bodies look to the valuation based on rental income. Those two differ. That delta or gap causes a problem because it usually means that the bank will receive less than it might have anticipated for the property and as a consequence the subsequent shortfall for the borrower if one arises, is larger. That also brings up a point the banks need to consider in respect of the shortfall.

A number of issues arise and a lot of ducks need to be in a row to bring a mortgage to rent case across the line. That is unfortunate because I feel the proposition has value and we have a pipeline of 100 or 150 customers who we think are appropriate for this solution. By and large they are happy that this would be the sustainable solution for them. It is difficult to get there, however. I recognise that everyone is trying his or her best but we need to collaborate with different parts of the system.