Mr. Simon Crone:

I would like to add one more point on the previous question. In the UK, for example, where several lenders use mortgage insurance but some do not, the prices for the consumer end up being pretty much the same. That is an international benchmark.

There are several claim triggers. The first and most obvious one is after the repossession and sale of a property at a loss to a lender. In our experience, given Ireland’s unique circumstances and the problems getting court appearances and the delays in repossessions, which should always be a last resort because a loan modification should be put in place, mortgage insurance would fit in with the existing mortgage arrears resolution strategies. It would pay out at several other points along the process. Even potentially to be compliant with the capital requirements regulation there should be an option for it to pay out at 24 months after a loan has gone into arrears. There are three distinct times when it could pay out.