Professor Patrick Honohan:

However, to your other point, whether they should be using the capital they have been given and using the provisions that have been taken against loan losses to more deeply restructure residential mortgages and small business loans when those loans can't be fully paid, yes, I think they should be. I've constantly been saying that but it has to be done on a case-by-case basis because, I think, we also know that there are some people who are holding out in the hopes that they will get some special deal even though they can afford to repay.