Professor Patrick Honohan:

We do not have a formal role but we certainly keep track of it and make appropriate noises. Others who can exercise power may do that. We have informal ways of doing this but I am not saying I am happy with the position. We have called for work to be done on it. There are discussions taking place. It is out of our control but we will do what we can to ensure the code of conduct — the minimum standard we have set and which I have emphasised — applies to a borrower who falls out of the system simply because his institution has been liquidated. The loan sold should not suffer.