Mr. Jim O'Keeffe:

It is possible there will be family home repossessions. However, as I have outlined, one of the biggest challenges with family homes has been where there has been no affordability. Stakeholders recognise that this was going to be the challenge. Where there is affordability and income is evident, we have over ten different solutions available to work with customers. We talked about it earlier in terms of the split loans to work that piece. Where there is no affordability for any of those solutions, potentially one goes down the route of voluntary surrender of the home or repossession, if there is no co-operation.

That is why the enhanced mortgage-to-rent project was critical. All stakeholders agreed that we needed to put a solution in place that would look at that vulnerable group of customers who had no affordability, especially considering the social housing challenges which we all recognise. The alternative, as we have discussed, is that customers, having recognised the problem with affordability, would be moved into the mortgage-to-rent scheme. That is a potential solution for us regarding repossessions. The Senator will see from our numbers and from the market - the Central Bank Governor alluded to it in his own commentary - that the scale of repossessions is small. Very often, the possessions we are getting are part of handbacks as opposed to repossessions through the courts.