Mr. Jeremy Masding:

We think it is right for us, as a full service retail bank, to give customers choice. We provide both variable and fixed rate products to our new customers. We have explained what we do on variable mortgages in terms of the back book. As I have already explained to the committee, our next challenge is to provide fixed rate mortgages to our existing customers. I would guess that by the third quarter of next year both our new and existing customers will have access to a variable and fixed rate suite of mortgages at a competitive rate. That is an example of why Permanent TSB needs to be here. We need to be in business to give customers choice and to give the pillar banks some competition.