Professor Philip Lane:

In fairness, if there is no documentation that it is a tracker, it falls outside. We had a variation of that question this morning. It so annoying. We are aware of the standard variable rate - we had another discussion about that. A tracker is a type of variable rate. The fact is that there is no precision. There was not enough deep thinking at the time to be super clear as to whether it was a tracker with a fixed margin. With some of these trackers, the difference between them and other types of variables is hard to understand and explain.