Mr. Padraic Kissane:

Yes, at the time. My initial reply to her was: "What if I told you that it caused it all?" There was silence on the telephone and then she asked what I meant. I told her that it introduced a product in October 2006 called a loan-to-value tracker product and that is when the margin started to tighten. The ECB rate plus 1.25% was no longer competitive. Within about six weeks, retention departments came into play across every lender. At the time in 2006 and 2007 the average life of a loan was four years, that is, the mortgage lasted in the institution for four years. It was done by churning, moving, getting more competitive rates and so forth. The average lifespan of a mortgage now is probably around 12 years. I credit Geg Allen, who works with me in my office, for this information. It is important to understand that the banks were starting to realise that the procurement of business was costing them so much it was as easy to spend some time on keeping the business because that was-----