Mr. Niall Donnellan:

We have addressed the issue in two respects. We work with individual companies and their banks to find a solution that works for both. We have also addressed this issue generally because many of our clients, as is the case with many people in the country, have personal debt as a result of property investment during the property boom or their companies are in debt because of investment in property which is now over-valued, or for other reasons. For example, current promoters may have borrowed to buy-out previous promoters and so on. There are a number of different types of instances where the underlying value of the assets are not reflected in the debt held by a company. This is a major ongoing issue that needs to be resolved in some way in the future. As I said, we have addressed this with individual companies. From a broader point of view, we have articulated the need for some form of debt resolution. We are not experts in banking but have articulated our view on this matter to our parent Department and the Department of Finance during the discussions on SME lending. We see this as an issue that needs to be resolved in the context of the overall banking discussions.