Mr. Jeremy Masding:

I would like to make three or four points. It would be fair to say that my experience of secured lending, or mortgages, is as I have described it to some of the Deputy's colleagues. Money is loaned at a point in time on the basis of affordability. As it is secured lending, it has a certain price. The bank engages in a relationship with the customer. If a customer unfortunately finds him or herself in a situation in which it is difficult to make repayments, the bank does all it can to try to help him or her. If the arrears reach such a level that the loan is unlikely to be repaid, the collateral is repossessed and put back on the market to be sold. That is a banking model that I would be very used to.