Professor Philip Lane:

Let me refine that comment. It is absolutely true - this is a pan-European issue - that we are putting renewed pressure on the banks to deal with their non-performing loans, but that does not mean that we are saying the way to do it is through selling these assets. Part of the solution could be restructuring these loans. The solution to non-performing loans is not necessarily just to sell them off, even though that may be part of it. I will ask Mr. Sibley to outline our strategy for dealing with non-performing exposures.