Mr. Lorcan O'Connor:

I accept that, but I am also aware of certain constitutional restrictions about what can and cannot be achieved through the personal insolvency legislation. I would also point to the UK experience. It is clear from the UK IVAs, individual voluntary arrangements, over a decade ago, that they require 75% creditor support in every case. The pass rates for cases were low, the reason being that banks were still trying to learn and still trying to get comfortable with the process and they did not have a protocol in place. We have done our best to try to learn from that because we do not want a decade of banks not necessarily engaging fully with these processes. We are within weeks of issuing a protocol. In the UK, once that protocol was issued, the pass rates increased to 95% and over. I hope we will have something similar here. I am not saying that everything is rosy. The comments made before the joint committee at the beginning of April clearly demonstrate that. The committee has a commitment from me and my colleagues that we will come to the committee, the Minister and the Oireachtas to identify any changes we believe are necessary, but we need that statistical relevant sample size before we can do that in a meaningful way.