Mr. Paul Joyce:

We are now in a really dangerous situation with mortgage arrears. I know we are not here specifically to discuss that. The hangover from the boom is enormous. There are 10,000 odd repossession applications on the go. There are 37,000 mortgages on principal dwelling houses that have been in arrears for over two years as of the end of June. There is very little write-down going on, which involves writing down the principal to something sustainable.