Mr. Cormac Ryan:

That will not be in the initial letter. The rates of interest on the loans will pass across as they were on the last day the loan was with Permanent TSB. Any communication on interest rates would only be if there was a change in the interest rates, and would only be at some point in the future. The hello letter will introduce Pepper and what we do and will include contact details. Many customers, outside of the review, may have day-to-day questions. They may have questions around their tax relief at source or they may need additional statements and so on. Clearly we need to do the day to day piece also.

At a certain point in time, when we decide that we want to do the review, by law and by the code of conduct on mortgage arrears we need to give the person a month's notice to say that we have reviewed the file and we would like to schedule a review. We write to the person to give them one month's notice of the review. That is what the communication would look like. I cannot tell the committee that they would all be in one or three years. There are a lot of mortgages in there and we need to work out what is the right thing to do for each of the mortgages. As with the previous point, we will look at when the last review occurred to work out our regulatory obligation on what is appropriate and what we think is the right thing to do under the circumstances.