Mr. Paul Stanley:

We had this discussion at a previous meeting of the joint committee. To date, the view of the bank has been that this creates a moral hazard issue for us, as to why we are giving some customers a discount or write-down on the loan and not giving a discount to other customers who have done their utmost to make repayments on and keep up to date with their loans. This has been the view of the bank. I know other banks take a different approach, but the view of the bank to date has been that we have not been prepared to do write-downs on loans. To be clear, just because a loan is sold does not mean a house is lost. When those loans are sold on to other parties, whose servicers must operate under the same regulatory standards as we do, the other parties in many cases will work out transactions with customers.