Mr. Lorcan O'Connor:

The only reference to inheritance or windfall in the legislation is the fact that a variation may kick in. It states that it would not be unreasonable for a debtor to refuse a variation that sees greater than 50% of the inheritance or windfall going to the creditors. However, that is ultimately for the commercial terms of an arrangement to set out.

On the last point in relation to the compulsory nature of the protocol, ultimately, the protocol is a voluntary arrangement but what we are trying to deliver is something akin to what one has in the United Kingdom. In effect, in the United Kingdom, where the IVA protocol is working well, there is a letter from the British Bankers' Association - we will be looking for the same from the Irish Bankers' Federation - that basically states that for protocol-compliant arrangements it will vote in their favour, subject to the commercial terms. In other words, if one does everything else per the protocol, they will not say "No" and will merely focus on the commercial reality. That is what we are looking for here as well. In other words, it boils down to what the commercial numbers set out.