Mr. John Moran:

On the question of repossessions, we have a technical problem to overcome in terms of the decision of Mr. Justice Dunne, but it is surprising to us that they are so few repossessions in the system, given the extent of the crisis we have been going through. We have had an unemployment rate that has been as high as 15% and it is very uncharacteristic to have a situation where I think our repossession rate is running at less than 0.25%, whereas if one looks at what is happening in other jurisdictions, it is 3% in the United Kingdom and perhaps as much as 4% or 5% in the United States. It would be typical to see in a crisis as severe as we have more situations, both voluntary and, in effect, through the court system, where people decide the economics of paying their mortgage no longer work and that, in effect, the maximum mortgage they are able to support, given their economic position, is less than the value of the house. When I refer to repossession, I include voluntary surrender. That is not a situation where the person should continue to remain in the house but should try to seek an alternative arrangement.