In the medium term, we will consider enforcement action on other aspects of the Code or where our expectations have not been met. There are two final points I would like to underline from my remarks. It is important to emphasise that in addition to accelerating their work on mortgage arrears, the banks must also be required to prudently conserve their financial resources.
Following their recapitalisations earlier this year, the Irish banks have more capacity to address individual arrears cases, but it is important to be very clear that neither the banks nor the taxpayer have unlimited financial resources. What is needed is a careful husbanding of financial resources to apply to cases of genuinely unsustainable mortgages.