Ms Francesca McDonagh:

Our position in respect of mortgage pricing has been very consistent. Our focus continues to be on fixed rate offerings for our customers.

We found that nine out of ten new mortgages that customers take out with Bank of Ireland are fixed rate. We have recently simplified our fixed rate pricing. Today, it is 3% for one-year, two-year, three-year and five-year mortgages, regardless of loan-to-value. We simplified it to make ourselves more competitive. Our view is that people want certainty and to plan ahead. In an interest rate environment that today is very low, but when it is probable that over the life of a loan interest rates will go up, that certainty is treasured by our customers. We see that customers have voted with their feet. Our market share of the total market has increased from 26% over a year ago to 27% because customers favour and prefer fixed rate mortgages. We have seen a very clear focus from customers in that regard.