Mr. Lorcan O'Connor:

In the scenario depicted by the Chairman where, in effect, the keys are handed back and there is no agreement on the legacy debt, it is considered to be unsecured under insolvency law. Therefore, if the keys have been handed back, the bank is not in a position to offer an acceptable solution to the debtor and if the debtor is insolvent, it is open to him or her to use a debt settlement arrangement to deal with the legacy debt. Alternatively, bankruptcy is an option.