Mr. Liam McLoughlin:

The 12% on variable is quite common. Someone taking out a €300,000 mortgage will take €250,000 on a fixed and €50,000 on a variable rate. If he or she is in a job where he or she gets a bonus or if he or she gets an inheritance, he or she can pay off the variable amount and just keep paying the monthly fixed amount. The mix is quite a common feature. The customer will split the mortgage between a big chunk of fixed and a small bit of variable.