Mr. Matt Carthy:

There absolutely is pressure for institutions to restructure their non-performing loans and resolve their non-performing asset issues through whatever mechanism is required. One must remember, however, that we got in touch with the SSM in the first instance because the banks were saying, sometimes to Oireachtas committees, that they were effectively being told they needed to engage with the vulture funds to get the loans off their books. The big development is that the regulators, a Central Bank source referred to in The Sunday Business Postat the weekend and others have said quite clearly that this is not the option they are urging the banks to take although it is quite clear that they are urging them to take options in more broader terms. It is important from our point of view, however, to note that there is no obligation on banks to dispose of loans to vulture funds.