Mr. Ed Sibley:

There is a timing question there. I have been clear throughout in terms of my engagement with the firms that these loans can cure. They need to be treated in a consistent way, and included in that is both the bit that is being repaid, where capital interest is being paid, and what is called the warehouse. There is a requirement for consistency in the system in terms of how that happens.

A question was raised into the SSMs and because there are variations of this type of restructure in other jurisdictions it took some time for us to land on a final perspective that could be consistently applied beyond just Ireland. Probably the last time the banks were in, that process was still under way. Subsequent to that we have written to the banks and it has been confirmed to them that they can cure loans in the way I have said all along, namely, subject to certain conditions, including those that were discussed earlier around the performance of the bit that is being repaid and the treatment of the warehouse element.