Mr. Ed Sibley:

We are very focused on addressing those underlying issues in the mortgage market. Doing so may make the market somewhat more attractive to new entrants. We will continue to reduce risks within the mortgage market itself. I am wary of talking too much about bank profitability. The net interest margin is higher in Ireland than the typical eurozone average but we still have a significantly higher cost-to-income ratio in Ireland than in many other jurisdictions. In terms of cold hard cash, overall levels of profitability are significant but, from an investor profile perspective, they are less attractive. That comes back to the Senator's earlier question about resilience. We are very focused on addressing the fundamentals. We see the functioning of the market improving but there is clearly still work to be done, including the work on culture I have mentioned.

The Senator touched on a couple of other issues with regard to older borrowers and interest-only borrowers. They are subject to the same protections. We have clearly articulated our expectations with regard to how lenders engage with borrowers on interest-only products. We have very clear expectations and we will continue to push for sustainable solutions for those who are in arrears. We see the problems there and we will continue to push on them. Ms Rowland may wish to contribute on that point.