Mr. Shane O'Sullivan:

It is correct to say the number of repossessions will increase. However, they will increase from a very low base. So far this year, we have had 23 repossessions, 0.01% of our total mortgage stock. Each day, my team and I look to see if we can find solutions for customers.

In the slide pack we provided slide No. 4 shows that in 12,351 cases we have found solutions. However, the Deputy is correct in saying that in a significant number of cases we have commenced legal proceedings. I will say a couple of things about this. Such cases are difficult for us and our customers. We only arrive in the legal process after we have exhausted every other avenue. At times we find ourselves having no other option available to us and to do nothing would actually make matters worse. That is the important context in which we understand this figure.

The legal process is lengthy. Therefore, these accounts are at the start of what is typically a four year process. The commitment of the bank is that we will work with these customers continually to see if we can end the legal process sooner rather than later. That happens on both sides. Sometimes we find from a customer's perspective, unfortunately, that it takes the commencement of the legal process to secure proper engagement. Therefore, in these legal numbers we have a very significant number of people who are not paying anything towards their mortgage - not one cent. We have a significant number of people who are not willing to complete an SFS form and come in to meet us to talk through the issue.