Mr. Jim Brown:

It is a fact that if one adds up the losses we have experienced on our mortgage book in the past five years, they are in excess of €2 billion. The losses have been significant. We have experienced losses across the various types of mortgages, be it trackers, fixed or variable rate mortgages. With regard to the standard variable rate loans, the rate we are charging coupled with the cost we are incurring, assuming a normal regularised market, is such that we can probably make a reasonable return on shareholders' funds. Unless any of these other costs come down, be it the cost of funds, the amount of capital we have to have, the credit losses and so on, the standard variable rate will not come down.