Mr. Liam McLoughlin:

I do not believe so because our fixed rate for below 80% LTV for three years or five years is 3% and 3.2% for above 80% LTV as well. That is available to new and existing customers. There is an equalisation in relation to the rate they pay on an ongoing basis over the term of the fixed element or over the life of the mortgage. There is no clawback on the cash-back arrangement, which is 2% upfront and an extra 1% at the end of five years. That is an incentive to first-time buyers but the fact that the same rate applies to both movers and first-time buyers does not imply subsidisation.