Mr. Ger Mitchell:

Many customers who would have taken out a new mortgage with us would have taken out a fixed rate product that had the option of moving to a tracker at a point in time, two or three years hence. At the point of entry, when a customer is fixing for two or three years, one cannot give him or her a guaranteed margin upfront and say that in three years, his or her rate will be X, Y or Z. What it states in the contract is that he or she will get a tracker rate appropriate to the loan at that time. As customers' mortgages matured over the cycle, there were different appropriate rates in line with the market.