Dr. Martha O'Hagan-Luff:

Can I come in very briefly on the last point? The Deputy asked whether vulture funds restructure. I have heard various things anecdotally and all I can say is that some do and some do not. I have heard that Autoriteit Financiële Markten, AFM, which is the regulator in the Netherlands, has what it calls ten golden principles. It asks banks to sign up to those with regard to loans. When the loans are sold on, those ten golden principles go with the loans. We are putting these funds under the consumer regulation we currently have but could we not attach principles to these loans so that a buyer of these loans must consider restructuring agreements? Rather than this piecemeal approach whereby some funds do while others do not, could it not be conceivable that we say that if they buy these loans, they must consider A, B and C in terms of restructuring? One does not want to make it too punitive but as the Deputy puts it, the plain vanilla split mortgage as option could be tied to this as a condition of buying those loans. It is a suggestion.