Mr. Gabriel Makhlouf:

I would like to come in on this. With all due respect, the Deputy is being unfair to say that we are washing our hands of this. What Mr. Kincaid has been describing is a pretty intensive and active process of making sure all lenders - non-bank lenders and bank lenders - are meeting the expectations of the code. We are trying to understand exactly what is happening with the cohort of people, including the ones that the Deputy was describing.

I cannot comment on the Deputy's specific point because I do not know the basis on which PTSB made its decision to sell the particular portfolio of loans. In some cases, some of those sales were not exclusively of non-performing loans. They included other loans. However, let us park that.

I can assure the Deputy and the committee that we are absolutely focused on this issue. We cannot take away from the fact that we have inflation and we need to respond to it. Some of those things will happen but it is essential that the expectations we have put on lenders are followed through. That is exactly what Mr. Kincaid and his team are doing.