Mr. Jeremy Masding:

There are a number of responses I would make. First, post the crisis, in a secure lending market, one would expect many thousands of pieces of collateral to be realised by the bank because it is secured lending, not just for Permanent TSB but all banks. For very good reasons, Ireland decided to avoid scale repossessions. At the time Permanent TSB engaged in a programme of long-term forbearance which kept many people in their homes, using the various tools and techniques we had designed. Second, as I mentioned in my opening remarks, ours is a regulated entity. I am bound, therefore, by the rules and regulations which enable the bank to keep its banking licence and continue to compete. I do not set the rules for what is a non-performing loan. Third, we again need to emphasise that we spent many hours trying to have the right mix of assets for project loss. That is why we have such a high level of exclusions. I cannot comment on the individual case, but I will conclude by saying my job is, was and always will be to try to do the right thing for all taxpayers. It is about trying to get all of the various dimensions in balance. Project Glas is part of that process.