Mr. Stephen Groarke:

Unfortunately, under the way the rules are currently set out and interpreted by the SSM, it is only on the maturity of the loan when both the main mortgage and the warehouse is paid off. I should add that we have asked specific questions of the SSM, and other stakeholders have done so also, as to whether there might be a different way of interpreting the guidelines. Through 2017 we put those questions formally to the SSM. It is on record in response to us privately and in public to an MEP question that the SSM has convened a working group with the European Banking Authority to look at this question. At the moment, we have no answers to those questions so the position today is as I have described to the Deputy.