Michael Noonan (Limerick City, Fine Gael)

On Senator Byrne's points, he is arguing his case as if the only taxpayer involved is the individual with an impaired mortgage but because we collectively own the banks and the building societies that got us into trouble we have an interest in that side of the argument as well as taxpayers. In protecting the taxpayers, we have to protect the generality of the taxpayers who now own some of the big building societies that were originally private and at the same time we have to ensure that individuals who have impaired mortgages are brought back towards a position where they are solvent again and can make ends meet. That is why it is being approached on a case by case basis. There is no rule of thumb or recipe where, as the Senator said, we can let everybody pay 30% of what they have and they can all keep their houses. That does not work.