Professor Patrick Honohan:

No, I did not say that we cannot afford it. What I have said in the past - which is true - is that negative equity calculations are not the basis on which a general write-down should be entered into. That is because some people whose properties may be massively in negative equity can afford to repay their borrowings. That is not the issue; the issue actually relates to affordability of the mortgage. That is where we are at and the description the Deputy has given relates to a lack of affordability. I agree that-----