Mr. Padraic Kissane:

The point I am making is that the moral hazard remains with the customer. I do not see the examples that the banks are talking about. There are people who overextended. If that is where the moral hazard is, we are probably all overextended. However, nobody is addressing how to resolve the issue. The State is losing out, as much as anybody else. I have in my office a loan offer, the term of which was 12 years, the amount borrowed was €480,000 - which indicates the borrower was elderly at the time - and the interest only term was for ten years at €500 plus per month, following which the repayment was to be €7,500 per month for the remaining two years.