Mr. Gabriel Makhlouf:

I think I saw that last week the one institution that made the news for having adopted an indiscriminate policy, to use the Deputy's word, has abandoned it. We need to encourage the banks to do the job they need to do. Borrowers make probably the most significant financial transaction of their lives when they take out a mortgage. It is a 20 plus year commitment. The lender and the borrower need to take it extremely seriously and need to ask themselves the question: will this loan be repaid? As I said, banks are required to assess the creditworthiness of the potential borrower. Nobody in the community wants to encourage banks to lend recklessly or encourage borrowers to borrow recklessly. It is part of our job to try to make sure that balance is struck, and that is partly what underpins some of the rules we have in place, which I suggest have been quite an important factor in helping the resilience of the financial system as it has gone into this crisis.