Mr. Matthew Elderfield:

I will come to that. Then there is the other scenario which is actually the customer cannot pay that down. We have thought a lot about this - about whether one should allow interest charged and the rest of it. We think the best approach is to say - I think this got missed in the press release from one of the trade associations on Monday - we will only accept as sustainable a split mortgage if for the part B, for the warehoused element, the bank accepts that it cannot pursue the full amount and cannot try to get the shortfall. Therefore if at the end of the term of the mortgage, with interest accumulated or not or whatever, the part B is bigger than the value of the house, the bank must accept it will not get the shortfall. Then the person going into the split mortgage knows that their worst-case scenario is that they get to the end of the term of the mortgage and do not have this debt hanging over them.

We are also saying that if at the end of the term of the mortgage the person is 70 years old and cannot trade down, one needs to keep them in the house until the end of their life. That way the person stays in the home and the bank has the option if the income improves. Regardless of what happens to the interest it cannot pursue the person to the ends of the earth for the shortfall and one keeps them in the home. We think this is a sensible, balanced approach. It is not debt write-off, but it is pragmatic and it also allows the option that if things improve then the debt can be covered.