Mr. Lorcan O'Connor:

There are a lot of informal deals being done. They are, perhaps, below the radar but that is not a criticism of them. Department of Finance and Central Bank statistics show that while there are 110,000 mortgage accounts still in arrears, slightly more than that have been restructured in the past couple of years. The Central Bank has set out the kind of restructures that one sees within that group of cases. It is equally worth noting that those informal deals were not being done prior to the personal insolvency legislation being put in place because there was no carrot or stick for either side to get to the table and try to do a deal short of a statutory process whereas that changed once the Bill was enacted and our organisation had opened. A large number of restructurings and solutions are being put in place below the radar, as would be the case in any banking environment. So long as they are sustainable, certainly from the insolvency services perspective we would have no issue with those.