Mr. Edmund Honohan:

I think the point that needs to be made, if I could put it in a nutshell, is that the new directive is beefing up the reliefs and the options that are available to borrowers. It is confirming, if confirmation were needed, that the homeowner enjoys something of a safe harbour against creditors. The EU wants that safe harbour to be ring-fenced, and the benefit of it to be given to the borrower. That is what we are hoping for.