Mr. David Went:

Well, interest-only loans were almost ... virtually, they were for house purchase ... residential house purchase ... were virtually non-existent. I ... there may well have been some people who got them, but very very limited. Investment property loans ... residential investment property loans were different because the tax treatment of interest on investment property loans was such that there was a very significant benefit in having as much interest charged on the loan as possible. And obviously it increased the risk, but our experience was, and the experience up until 2006 in any event was that there were very low levels of arrears on residential investment property loans.