Mr. David Duffy:

We are advertising our products nationally as any competitive franchise would. That takes into account any customer of other banks. I appreciate the Deputy's comments regarding our decision to reduce our standard variable rate. It is important to note, however, that this was one action of a series. We have also put in place a fixed-rate offering, which is very significant but perhaps less well understood in the general environment. The rate for a one-year fixed-rate mortgage is 3.5% and since we introduced it, 40% of all mortgages issued by AIB are at 3.5%. The customer must make the decision in this regard and we cannot dictate. Our objective is to offer broadly competitive rates as cost effectively as we can while bringing in a shareholder return and to do so in a flexible manner. The reality we are looking at today is that although we have reduced the variable rate, we are in a position that 40% of all customers are taking the 3.5% one-year fixed rate. I see that as a very positive development.

We do not intend specifically to target other banks' customers. We will target everybody in the economy.