Mr. Bernard Byrne:

One of the key issues for us is to ensure we build a sustainable model. Encouraging switcher activity at the front end through very cheap forward rates is not where we want to be at. One of the driving forces behind the change we made in December was to make sure we benefited front book and back book customers. The change meant our existing customer base got the benefit of the reduction. That philosophy is one we will take into anything else we do from a pricing point of view in order that we are fair to the entire customer base. It is much easier to put out an attractive rate in the front of the market and not suffer the cost into the back book.

Our view is that we should try to be fair to all our customers, whether they have been with us for a long time or just about to come to us, so that the customer will know what he or she will get. In regard to switcher activity, our objective is to make sure that people know what they will get. It is a choice as to whether the customer moves to us or not. We are very open to it.