Mr. Jeremy Masding:

We have made enormous strides in tackling the legacy problems, as the Deputy terms it. I would be spinning a tale if I said we had closed all those legacy issues. They are much reduced and we are getting much closer to an organisation that I can look Deputies in the eye and say is being normalised, if members allow me to use the term. We will continue to keep our rates under review and we will do everything we can to achieve the cost savings. I have a track record of bringing the standard variable rate from way out of kilter into the pack. We will continue, day in and day out, to drive down the various costs that go into a mortgage pricing model. We should then be in a position to share that with customers.

The Deputy's third point is really a cross-subsidisation matter, if I can use my own banking language. I can categorically assure the Deputy that I run a bank where each product must stand on its own feet. I am running those pricing models on a regular basis, including the standard variable rate. As the inputs change, we are getting closer to a position where I believe we can share the benefit. I am not quite sure where I am going to go with this all afternoon. Unfortunately, we are not in a position to do that yet.

The Deputy's next comment referred to trackers. We came to an agreement with the European Commission around the size of our balance sheet by the end of 2018. The composition of that balance sheet must change over time and that will include some degree of deleveraging. I am wary about making the balance sheet too small, as we will not have scale to cover the operating cost.

In the next four year period, my goal, particularly through Shane's good efforts, is not to deleverage those through an asset sale, as the Deputy described it. Our aspiration is to cure those trackers in default so that we can continue to have relationships with those customers over time. As such, it would be inappropriate for me to comment on what that would look like in 2018 and on what we might do with them. It is right that I place on record that our goal is to maintain relationships with customers, maintain scale and not to have to get into a position where, at the bottom of that waterfall, we end up with a rump of customers we have to sell to a third party. I want to avoid that. I do not know if there is anything Shane or Glen wishes to add.