Mr. David Hall:

I will take the easy ones and the hand the more difficult ones over to Mr. Curtis. In response to Deputy Durkan, in our experience, 5% of people are messing. The simple solution to them is they should just be nuked. None of us has the time, effort or inclination to in any shape or form deal with those people. Last Saturday, the Irish Examinermentioned that MABS had 1,440 clients currently in mortgage arrears. We currently have 1,950 clients in mortgage arrears. Where is everybody else? We have no time for anyone who wants to try to pull a stroke and mess around. They should be nuked and dealt with in a separate forum. However, there needs to be a solution for those in difficulty and distress.

In response to Deputy Quinlivan, the mortgage-to-rent scheme conceptually was a great idea. It had two components under the Keane report in October 2010. Many of us, including ourselves, balked at the idea of a bank becoming a landlord coupled with a bank versus a vulture becoming a landlord. I know which one I would pick today. The scheme was a great idea, which was horrifically constructed. If one wanted to complicate something and find the sickest person in the country to do that, one could not do a better job than with mortgage-to-rent. Hopefully, we have just finished off a mortgage-to-rent deal for one of our clients, Danny, where the lender had refused to participate in the scheme. Unfortunately, his wife has passed away but he has three young kids. He is perfectly eligible for the scheme but the lender decided it did not participate in the scheme. We took a High Court case in February and Mr. Justice White ruled against us saying mortgage-to-rent is a voluntary proposal and solution. Everyone in the country could have seen that Danny was eligible for the scheme and he should have been on it within one hour.

We did an analysis of how long it has taken us to deal with Danny - there were 201 emails, 73 phone calls, and 16 meetings over 80 hours. That is for one person with three young children who has already had a personal tragedy, with his wife dead. Only now, 18 months later, will mortgage to rent get across the line. There needs to be a body that can sit and deal with Danny in one hour, which compels the borrower and lender to comply with its decision. It will be in the best interest of the borrower and the State because the numbers are enormous. Danny is coupled, by our calculations, with another 20,000 people. It would take 276 years for the Insolvency Service to get through this, as well intended as it is.

Mr. Stephen Curtis will deal with the money - he loves money.