Ms Madeleine Reid:

Yes, I can tell you that exactly, Chairman. There are two streams, so if one is with a DMA adviser with MABS, no fees are paid to the DMA adviser, as they are paid salaries under contract with the MABS body they are working with. If one is directed to a PIP, what we negotiated with PIPs is that under Abhaile they will provide a basic package of advice and assistance which follows statutory requirements laid down under the Personal Insolvency Act and for doing that they are paid €500 plus VAT which comes to a total cost to the taxpayer of €625. They are not paid anything else, but they are expected to continue assisting the borrower until there is a solution in place for them. The ISI is the regulator for PIPs. We are tracking and following up very carefully what is happening to borrowers who get financial advice under Abhaile and the indications are that they are staying helped in the process until there is a solution in place for them.

Approximately 30% of all the households that have been receiving financial advice from a PIP have already got a solution in place. Approximately 95% of those solutions are keeping them in their homes. Approximately 50% of borrowers are with a PIP and still in progress towards a solution. That is slower than we would like but it is natural because they are the people in the worst arrears and it takes time negotiating a solution for them.

A lot of them have to establish a repayment record with the lending institution before a solution can go in.