Mr. Frank O'Dwyer:

On a pan-European basis, if one thinks about the origin of a loan, someone must take on the risk. Someone must deal with whatever security is being provided. Unless we have harmonised insolvency law and the bits of contract law that matter, when one has more than one set of lawyers looking at different languages and legal principles, one will not achieve lower financing cost benefits. The way the system needs to progress is to take bite-sized things that are doable and achievable. If we are going to wait until we have harmonised legislation on insolvency in Europe to decide the priorities on liquidation and how one exercises a security, then it will be 2020 before we achieve efficiencies. My view is that we need to look at the bits that might work and get those into play fast.