Mr. Stephen Groarke:

The way we think about it is that the customer gets the 2% of principal at inception and until 2027 he or she will get 2% of their repayments back. We then have to make certain assumptions in the background as to how long the customer will be with us. Clearly, the mortgage contract can be 20 to 25 years so we can make an assumption that it can be allocated over that entire period. In our internal models we allow for the fact that customers might well wish to switch to other products or, indeed, to other banks so we do not spread it out over that full period. However, the assumptions will be different for different banks and we do not disclose our expected duration of our mortgage book because it is a competitive number.