Mr. Brendan O'Connor:

I wish to point out at the outset, with regard to examinership, that the vast bulk of SME debt in the country is drawn in personal names rather than in corporate entities, so for many people examinership is, unfortunately, not an option. If one takes out the consumer mortgages, we deal with approximately €20 billion worth of challenged debt, most of which is impaired, while some is not. The figures referred to by Mr. Bourke earlier relate to a reduction of approximately €4.5 billion in that impaired debt over the past nine months. That €4.5 billion has come about through restructurings with customers and recognising that some of the debt will not be recoverable, so write-downs are in place. As of the end of September, we have made offers in respect of approximately €16 billion of that €20 billion worth of debt, so we have issued heads of terms to these customers, 80% to 85% of which are accepted. We will more than likely end up in a legal resolution with the rest. There is quite a strong advisory core out there, but one is largely dealing with non-core debt, so it does not lend itself to examinership. It also has a very entangled nature between personal property and buy-to-let and is sometimes wrapped up in pension mortgages and SMEs. We would expect that by the end of next year we will have not only offered everybody a resolution but, ultimately, restructured, documented, fulfilled and drawn down those restructures in large part. We have made a very significant amount of progress in the past nine months and now that activity is manifesting itself as the reduction in non-performing loans that one sees on the balance sheet today. They are restructured drawn deals under which, subject to performance, customers will be able to get on with the rest of their lives and start their businesses or do whatever they need to do.