Mr. Jim Brown:

I use the standard variable rate as a good example across both markets, looking at the rates that Ulster Bank charges in Northern Ireland as well as the rates that are charged by RBS NatWest in the rest of Great Britain. There is very little difference between the rates that we charge and there is very little difference between the cost of funds across those lines. The margin is more or less similar. However, there is a distinct difference in terms of providing the cost of the mortgage to customers here. As I mentioned in my opening statement, capital operational costs, the cost of servicing arrears, the cost of funds, etc., are all significantly higher in this market.