Mr. Brendan Burgess:

On the positive equity issue, it is important to realise that 50% of borrowers in arrears have positive equity in their homes. There is a general view here that everyone has a 300% loan to value ratio and is unemployed. The Central Bank estimates it is 57% but I think that is wrong. Approximately 50% of people have positive equity and they are very vulnerable. The reason they are vulnerable is that the Central Bank is saying that the banks must hit these targets and the easiest target for the banks is someone who is in positive equity, and if they are in positive equity and have a cheap tracker, that is gold dust for the bank and it will say to the person that the Central Bank is forcing it to repossess their home. That is something that needs to be taken up with the Central Bank and with the banks and the banks should be asked if they agree with the Central Bank.