Mr. Lorcan O'Connor:

No. I am speaking about comments made at a previous meeting of this committee.

Equally, however, in those situations that is not to say that the vast majority of people could not get a solution that gets them solvent again with that creditor within the PIP mechanism. Time will tell as to how situations that require debt write-off are dealt with. To refer back to the point I made to the Deputy earlier, there will quite straightforward cases where it is clearly in the commercial interest of the creditor to support a PIA that includes secured debt being written off, because the alternative is worse.