Professor Philip Lane:

I will turn to Mr. Sibley in a moment. We have always emphasised exactly what the Chairman said. There are choices here. It is not the case that we instruct any bank to engage in loan sales. I emphasise that many mortgages have been restructured by banks over the years, so it is not the case that they have not gone down that road to some degree. Ultimately, however, the commercial decision as to whether to do more direct restructuring or whether to put provisions aside in order that an otherwise non-performing loan can be put on the road to performing versus the decision to sell is not our decision but the decision of the banks. Mr. Sibley may be able to say more.