Stephen Donnelly (Wicklow, Independent)
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My final question refers back to the example the Chairman raised and the question asked by Deputy Doherty. The Chairman made the point that the bank will potentially write-down a substantial amount of debt once it has been re-categorised from mortgage debt to unsecured debt as part of a residual. The example given was that the person owes €250,000, he or she cannot afford to pay so the house is sold for €150,000, leaving a residual amount of €100,000 which Ulster Bank might then say it will write off as unsecured debt. If I understand the answer to that correctly, the witness said he could not foresee a situation in which that would have to happen, because there is a range of solutions available to keep them in the house. Is that correct?