Professor Patrick Honohan:

It is happening because banks are dealing with mortgage arrears. In most cases, these are long-outstanding arrears. I do not have the percentages, but most of them are above two years. In a high proportion of the cases, the banks have not been able to get co-operation from the borrower. Those are the facts that are provided to us. Therefore, the banks are taking legal action. The Central Bank has repeatedly urged borrowers who are faced with this situation, in which things have got so bad that they are being taken to court, to get advice from MABS, go to the bank and give a statement of financial affairs. It is only on that basis that a deal can possibly be made to possibly restructure the loan. We have never seen repossessions going to court on this scale. This is what happens in the process of-----