Professor Patrick Honohan:

It is not necessarily to do with the laws. I know that there is talk about changing the laws which I am not against. However, it also has to do with implementation. We are finding the process very drawn out, as are the legal processes. We have the idea that for people who are afraid to deal with their bank or did not know what to do, eventually it will get to the point where they will be into the legal process and they will accept that they have to do something. Then the negotiation will really happen and a deal will be done. However, the legal process is so drawn out that that dialogue is still not happening in many cases. I would not like us to get into a situation where there is both the reality which is damaging in itself and the perception that it takes a long time to sort out a loan. It has already taken a long time to do so.