Professor Patrick Honohan:

But to bring it to a conclusion, even in the case where they have ... suppose they have a loan and they're pretty sure they're only going to ... they're going to repossess the property. It's still there. The loan is worth 100, the provision might be at ... it might be 80 or 90, or 50, or something ... some number, and ... but the loss will not be incurred until they actually sell the house.