Mr. Stephen Groarke:

To give the Senator a sense of scale, there is €2.4 billion of provisions on the balance sheet. What we continually do within the bank is we try to estimate how much we think we will recover ultimately. Clearly, one of the inputs to that is the price of the property. As Mr. O'Sullivan has outlined, our preference is not to realise the collateral, if we can at all, it is to give a forbearance treatment to the extent that the mix of treatments changes over time. For instance, if people, over time, are on a split mortgage but we manage to see their circumstances improve and they might move on to part capital and interest then we will re-estimate the provision that is required. As customers get into a better position over time that improves the potential cashflow for the bank and we can recognise that in provisions. It is not just about the price of property.