Mr. Shane O'Sullivan:

I am not sure labelling it is a good use of our time, but that is the reality. We distinguish between what we call debt forgiveness and debt write-off. I appreciate that the Chairman and I might disagree on labelling. The bank has engaged in a significant amount of debt write-off. Last year one of the Deputies issued a press release on the back of what we had done with our buy-to-let customers. Knowing that we were in this dilemma, we invited customers to surrender their property to us and said we would write off the shortfall. A total of 1,300 properties have been returned and we are more than happy to write off the shortfall in these cases and have done so. There has been a similar innovation in the case of home loans. This is a bank that is willing to engage in a debt write-off in return for a property. It is difficult for us to do what we call debt forgiveness because of moral hazard.