Mr. Lorcan O'Connor:

In terms of engagement on the part of lenders, it is constructive and positive to see it at this stage. Although we have this new phenomenon of the so-called vulture funds owning a number of mortgage books, the legislation does not make distinctions based on who is the owner of the loan. The solutions remain the same. Now that we have this court review process, if the personal insolvency practitioner, PIP, proposes a reasonable solution, then that is the solution that will be run with or imposed. As I mentioned, 11 or so cases that have gone through the court review process and many of these would have involved the so-called vulture funds. The legislation creates an even playing field for borrowers irrespective of who owns their loan.