Mr. Cormac Butler:

Let us consider Mr. Lawlor's situation. Euribor rates have come down into negative territory. The Central Bank deliberately reduced those rates so people like Mr. Lawlor could survive. That is not what has happened. The banks stated their position on paying lower rates to the ECB but said they would not pass on the interest rate reduction to people like Mr. Lawlor. They engage in all sorts of actions to get around the mortgage requirements. They say they will keep charging people like Mr. Lawlor a high rate and that if there is a default, they will not be their problem in the short term. This is why many in financial difficulty should not be in it. Once they are in difficulty, they are vulnerable. I can assure the members that once they are vulnerable, the courts will not take any interest in it. The courts will ask why, if there was a major issue with the banks, the Central Bank did not intervene. People like Mr. Lawlor are not being allowed to get that far.