Mr. Ger Mitchell:

In May 2013, we led the market with the introduction of the MVR product, which was effectively a fundamental shift in treating all customers the same. We retired the one-size-fits-all SVR produced and went to the MVR option. In September 2015, part of our policy was to offer new and existing customers the same price, or fair pricing to answer the exam question about bringing fairness to variable rate mortgage pricing. We launched that product in September 2015 and within the pack that went to customers was a simple application form, a voucher to get their valuation paid and an immediate conversion to the MVR option inside 14 days of receipt. To date, approximately 24,000 customers have moved on to that. A customer in negative equity will get a reduction of 20 basis points and a customer in positive equity under 50% LTV can benefit with a reduction of 80 basis points from the SVR.