Ciarán Lynch (Cork South Central, Labour)
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I have a final question - other members may pick this up as we go over it in the afternoon - which relates to the issue of how the Central Bank collates its data on those in arrears. Is there a requirement to review same? We are seeing situations, or an implied consequence arising, where borrowers are in a mortgage arrears resolution process, MARP, but seem to be falling out of it, particularly into voluntary surrenders. We are not too sure how many of them are in positive equity and how many of them are in negative equity. We do not know how many borrowers have fallen into 90 days of arrears, bearing in mind that 90 days of arrears is not 90 calendar days but the financial equivalent of 90 days, and it could be over 18 months before one would hit 90 days. We do not know whether those borrowers have completed financial statements. There are other issues, as I stated, with regard to borrowers who have engaged with the assisted voluntary sale letter. Are these voluntary sales or is it that the mortgage arrears resolution process has been revamped into a voluntary sale and that is where the customer finds himself or herself with no other option?