Mr. Edmund Honohan:

I think we all have a lot of it. The notion of sustainability, which the Deputy raised, is interesting. It has a clear resonance in the context of what the Central Bank stated with regard to setting targets and clearing the arrears cases. It stated that banks should make proposals for sustainable solutions - 80% this year and another 20% next year. Many people thought that would be great and it would be sustainable from the point of view of borrowers, but the Central Bank actually meant sustainable from the point of view of the banks. That is why lenders are saying the propositions are not sustainable. Following the insolvency case of Re Hayes, a debtor, however, the question of what is sustainable for a vulture fund arises? Its money is not coming from the banks but, rather, from the capital markets. I am concerned that the Irish retail banks have exposure in this regard. They are funding some of the vulture funds and some of it may even be proprietary trading. That concerns me.