Mr. Edmund Honohan:

I do not, perhaps surprisingly. The bargain being struck in Europe is that there should be a free-flowing capital market and at the same time, the consumers of capital and debt should be entitled to the stipulations of the directive in dealing with mortgage arrears. There should be, if you like, cross-country enforcement of that. In an ideal situation, we would not have a Central Bank that is not engaging with the public and which closes its doors on public inquiries but would have a Central Bank that sets up a private arrangement, a code that would be enforceable, and then allows the matter to be properly litigated.