Mr. Stephen Bell:

Mr. Brown may wish to come back on this point, but we do not accept this. We have developed a split mortgage product to allow an interest rate of zero for the amount that is not affordable to be warehoused in future. It seems wholly inappropriate to me to write down a debt to what happens to be an indexed valuation today and then see the value of the property grow over time. In that case, the only person to gain is the person who was given the gift of largesse from the bank concerned.