Professor Patrick Honohan:

I talked about that issue with Deputy Michael McGrath. On what some of the banks have stated, I did not read all of their testimony to the committee, but I heard some statements. I find it unsatisfactory, in particular, that some banks would make categorical - almost ideological - statements about their position. I do not think ideology helps in this instance. Some of the positions taken by the banks are not in the interests of their shareholders and sooner or later the boards of the banks will tell management to be more realistic and take advantage of the solutions which are working for other banks. If there was no example of another bank achieving solutions, we would not be able to do this.

I see a convergence. We have only solved a relatively small proportion of distressed mortgages through restructures. Some 13,500 or the like have been concluded with restructures. There is much to play for in terms of landing on the model that works well. As to the question of people having a right to consistency, I did not read it in the legislation. If it is there, I will apply it.