Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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I thank all of the witnesses for coming before the committee this afternoon. Hearing the opening statements reminds us of the stress and trauma, to be honest about it, that the homeowners are going through as a result of the defective core block issue.

I will start by asking Mr. Sharkey a question. The finance committee has a use because we can bring banks and financial institutions before us. We also engage with the Central Bank. We will obviously do that with the issues the witnesses raise and follow them up. One of the points he mentions was mortgage terms and conditions. There are demand or enforcement events. As Ms Shovlin and Ms McDaid mentioned, it was never brought to their attention whether at the time of entering into the mortgage or when the scheme was set up that it would constitute an act of default if the house was demolished. Has any financial institution used that as a threat? Is the complaint that the bank's provision should be removed unilaterally and that it should not be regarded as a point of default?