Mr. Ed Sibley:

There is a very long history of product provision where products are designed for a specific purpose and for a specific cohort of customers - I refer to a broad sweep of history - that then get overused and are used inappropriately in certain circumstances or with customers that they do not suit. The cash back product absolutely is a valid product in that, as the Governor has referred to, there are circumstances where borrowers, because they have just moved in and they have got to buy furniture or whatever it might be, value that cash back up-front. There is validity in the product. However, it is being used in circumstances to protect the back book by not having to re-price the entire book when they are looking to compete on price.