Mr. Jeremy Masding:

All my experience states one should start from a premise of sustainability, affordability and, to be frank, clarity for the customer. That all starts with what is the net cash flow available to the customer to make a mortgage payment. By using a split, we pass this sustainability test. We pass the affordability test because we have used net cash flow and to be honest with the Chairman, it gives real clarity to customers. It gives them some hope but at the same time, life is a contract. While I am happy to give hope to customers, at the same time there is a responsibility on both the customer and the bank to speak regularly to ascertain whether circumstances have changed. Consequently, all my experience suggests that a split mortgage, which I have used before, is an absolutely valid tool in our toolkit.