Mr. Ed Sibley:

I am absolutely not saying that the Central Bank is seeking for there to be more repossessions. What I have tried to set out in my opening statement and subsequent remarks is an explanation of the reasons mortgage rates are higher in Ireland than in other jurisdictions. If I look at the mortgage market today, it has definitely improved in terms of the level of arrears. However, there are sizeable numbers of borrowers who are greater than two years past due on their payments. We are not looking necessarily for an increase in repossessions. I am setting out an explanation as to why variable rate pricing might be higher in Ireland where we have that circumstance. The Central Bank has worked really hard-----