Mr. Ross Maguire:

On the Gunn judgment, in answer to Deputy Pearse Doherty, there was a method to our madness in terms of supporting the Act. It was going to come anyway. One could not have a situation where there was no possibility of repossession.

We proposed, and the Minister accepted, section 2, which provides for an adjournment to allow for a personal insolvency practitioner. I believe that is a little grenade in there which will have major consequences. The consequences are this. If I am being repossessed in the morning and I apply for an adjournment to get a personal insolvency arrangement, and the PIP proposes something, which in his or her view is reasonable, and the bank vetoes it, I do not believe a court in Ireland will grant repossession in those circumstances. When that happens we will take a test case, or series of cases, and argue that where the Legislature has set up this system, where a licensed practitioner has recommended a deal and where the bank has vetoed it, there must be a consequence on that, and I feel confident that the courts will be on our side on that. That is the method to our madness.

In terms of bankruptcy, the 40 or so bankruptcies from last year were all creditor bankruptcies where banks or creditors were bankrupting people. It has turned around now and all the bankruptcies are debtor bankruptcies. I cannot say what the percentage is because it is new, but I reiterate that the official assignee, who will be the person in control of all of this, is saying repeatedly that they do not want to sell family homes. That is his position. For example, at a recent talk he said he will engage in mortgage to rent proposals. He will engage across the panoply of potential solutions and if it is possible, a deal can be done. I probably need to come back to Deputy Pearse Doherty in six months' time when we have more visibility on this but I believe family homes will not be lost en masse in bankruptcy.