Mr. Dermot Sreenan:

If I may, Chair, I will give you a timeline. If we talk about a particular case, I think we get across the story of the extent to which we are not getting meaningful participation - that is the best way I can express it - from some of the nonbank entities. I have here a case which started in late July in which a standard financial statement went from MABS to a nonbank entity for an existing arrangement to remain in place because it was affordable and based on our standard financial statement for the client. We got a response from that nonbank entity which stated that there would be a verbal confirmation that the existing arrangement would remain in place in mid-August. On 20 September we got a letter from the organisation advising us that the interest rate would increase from 4% to 5.2%, obviously having a detrimental effect on the agreed repayment arrangement. The repayments suddenly jumped up by €60 a month. We have another communication from the nonbank entity advising that the interest rate has increased from 5.25% to 6%, which now leaves us at almost €100 per month above what we started off with in July. We wrote a letter on 19 December asking the nonbank entity to fix the rate at 3%. We received a letter back from the nonbank entity on St. Valentine's Day. It was actually dated 12 January. It states:

We wish to advise you that ... [nonbank entity] are unable to fix the rate on the mortgage. You do have the option to refinance with another financial institution, provided the required amount to redeem the mortgage is paid.

I think it is very clear we are not getting meaningful engagement on that specific case.