Mr. Niclaus Bergmann:

The margin is more relevant than the absolute amount of the interest rate. When I look at the long-term 30 year average for mortgage loans in Germany, it is somewhere in the region of 7% or 8%. We have extremely low interest rates right now because funding is so cheap. Normally, a bank should be able to work with an interest margin of less than 2%. We would normally expect an efficiently organised bank to charge a rate of between 1% and 2%.