Mr. Ed Sibley:

We have been clear with all the banks that these loans can cure, so to speak. We engaged with our ECB colleagues to add further clarity because this product or a variant of it is used in other eurozone countries. These loans can be treated as performing and would no longer be non-performing. What it requires in this or in any other jurisdiction is that the warehouse element is fully provisioned. In the example the Deputy gave, he took a provision of €50,000 for the loan he cited, and if the bank does that, and subject to the borrower repaying €150,000 of that loan in respect of the new term, over a period of probation of about a year that loan could return to a performing status and no longer be non-performing.