Professor Irene Lynch Fannon:

Yes. I understand now. My apologies. One of the issues that is important in the new harmonisation of insolvency laws directive is driven by this. That is a concern among lenders on the certainty of the lending context. In our priority system, when someone is what we call a secured creditor but with a floating charge, which is a particular kind of security, the floating charge is trumped, as it were, by the preferential creditors. That happens now under our section 621. The more preferential creditors there are, the smaller the pool of assets that will be available to floating charge holders and, therefore, the floating charge becomes less valuable as a security. It affects the flexibility that companies have to offer security to bankers or to lenders. In that sense it does somewhat cripple the lending environment as well. I would like to emphasise that at the moment, employees have protection under section 621 under the various headings I mentioned earlier so it is not as if it is not happening; it is just a question of enhancing those protections. That is the issue. Increasing the pool of assets.