Mr. Richie Boucher:

The big difference in the UK regime is that the mortgage always gets absolute primacy. The regime here is quite different, with unsecured debtors given a higher proportion of consideration than they are in the UK. In the case of a lot of PIAs in this jurisdiction, the mortgage is left aside. Moreover, the repossession process is different in the two countries. We have a better-performing book in the UK than in Ireland. While we will repossess approximately 600 properties in the UK next year for a similar-sized book, I expect our figure for Ireland will be approximately 300. It is a different process, approach and attitude in the UK. Different markets will always have different cultural issues, different prices and different capital. I said earlier in response to a question from Deputy Fleming that we have to put more capital against an Irish mortgage than we do against a UK mortgage because of our loss experience here and because the process of recovery is different.