Professor Patrick Honohan:

If it is to be a private device, again, we must be very careful. As I said, this is a systemic risk and there is a danger that this might be designed badly and could lure in a whole mortgage insurance business which was both costly and not precisely targeted at the risks we are talking about, which might not be the way to go. That is why we consulted on this. We are not yet sure that this is the solution and the best way to go. We have been doing quite a lot of research throughout the year and have continued to do so even since publishing the consultation paper. We must get this right.