Mr. Jim O'Keeffe:

At one level, any adjustment to the court process to help move this along, both for the customer and ourselves, would be welcomed. The current process is not working for either, in reality, although there are many customers in the process. As I said, when one looks back at 2015, one notes that 1.5% of restructurings were repossessions. Any of us would welcome a system that would operate differently in terms of how we go about this. We do not have any details on that but, as it emerges, we will certainly be very willing to engage.

On the court system deciding what the solution would be, I do not have the specifics on how it would operate. Mortgages are secured lending so the point we would need to understand is how that could have an impact. Clearly, mortgage pricing is done on the basis that it is secured lending. The unintended consequence of giving a court a power, if it were to weaken the construct of secured lending, is that there could be a feed-through in regard to pricing. I do not have the details on it. It is just an observation we have made based on what we have seen to date. Certainly, anything that would help to move the system on for all parties would be beneficial. The Chairman mentioned the distress people rightly feel as they are going through the legal process owing to the toughness of the system. We would be very willing to engage with it.