Professor Patrick Honohan:

First, I very much agree with the Deputy on recognising that the borrower, especially the distressed borrower, is in an awful position. Whether they receive a letter or do not receive a letter, they are intimidated by banks. This is a real problem. I am not neglecting that problem and various solutions have been proposed, be it through a personal insolvency arrangement, PIA, or one of the banks engaging Mr. Hall and so forth, in an effort to solve it. I recognise that it is a very serious problem. What I am rejecting in the Deputy's analysis is the idea that we at the Central Bank in some way do not care.