Mr. Lorcan O'Connor:

At a higher level, I do not think that a creditor should rule out any solution within the framework of a PIA. The legislation contains a non-exhaustive list of solutions, including debt being written off on a secured debt. I accept that it is the last stage in a waterfall of solutions that should be applied. However, I would not rule it out because in doing so it goes against the intention of the Oireachtas. More importantly, from a creditor's selfish perspective, it actually is not in his or her financial interests. In many cases relating to bankruptcy, the return is less.