Professor Patrick Honohan:

There are three dimensions to it. Our first interest has been to get them to where we all discussed their procedures, processes and policies. We can require them to have policies that deliver, when they are technically able, a certain number of debt modifications. We do not want to rely on that as the sole measure, but we can and will require them to do that. If they are not dealing with their mortgages, we will have to require them to increase their capital because by not being prepared to deal on a permanent basis with those debts that cannot be paid, they are worsening the risk position of the banks and will require more capital.