This is important from a policy perspective: frankly the Irish taxpayer does not have the financial resources to somehow eliminate or reduce negative equity in the mortgage market, either directly or through the banking system, but it does not need to do so in order to tackle arrears.
The South African Reserve Bank is the proud sponsor of the evening and of the prizes which will be awarded tonight – and I address you, therefore, not only in my personal capacity but also as a responsible representative of the Bank. 3.