Professor Patrick Honohan:

We have explicit wording about how to deal with the warehousing of the split mortgage towards the end. To some extent that is guided by the way in which the personal insolvency arrangement requires the arrangement not to leave the person effectively homeless at the end. It would be stupid to have a split mortgage arrangement where somehow after retirement or at the age of 70, a bank would say: "That is it; here is the warehouse and we are taking the house." We are not allowing that.