Mr. Simon Crone:

The protection is for the lender. It helps the borrower indirectly. It is not mortgage payment protection. In Ireland we have made several accelerated claim payments to lenders ahead of our contractual obligations which the lenders have been able to use to help modify the loan. We have made the claim payment to the lender who then chooses how to apply it in terms of any modification to the borrower along the lines of the mortgage arrears resolution strategy.