Professor Patrick Honohan:

We could change this and develop it, but the approach that the Central Bank and I are advocating is that a standard should be created and that this should then be allowed to be met. If that appears to create differences, so be it. I do not find it objectionable that there are differences, as long as an acceptable and sustainable standard is achieved in respect of restructuring. If we manage to arrive at a sustainable solution that really works, then the fact that there are some differences between one person and another would constitute much less of a problem.