Professor Patrick Honohan:

It is partly an organisational issue, which is improving. Part of what the committee is seeing is also partly the result of ineffective engagement by the banks and a failure to design the best solutions and implement them quickly. They are actually doing it now whereas a year and a half ago, they were not. The area of advice to borrowers is one which has been a gap and it is gradually being filled from various sources, including the personal insolvency practitioners, which is why it is very important the banks do not behave in a way that is suggested in relation to personal insolvency arrangements. It is partly an information thing, therefore. It is partly an improvement in the quality of the design of sustainable solutions so that people are not offered so-called sustainable solutions which were never going to be sustainable and would actually re-emerge as problems in five years time or within an even shorter period.