Indeed, if we had a really successful model from somewhere else that could be implemented here, we would have done so. We continue to scrutinise and seek to learn from research analysis of Irish data, and from the research findings about the experiences of other countries.
Drawing on what we have learnt, we will continue to make more precise our thinking about when debt modifications are needed and how best sustainable modifications should be designed. Having ensured that the banks are much better staffed and organised for dealing with arrears, we will be setting out our quantitative expectations for their effectiveness in achieving lasting solutions.