Mr. Jeremy Masding:

We cannot mix two things up. The Deputy is making three points. First, I have assured the Deputy this morning that the fixed rate for existing customers is under review. Second, as we have said in our more recent visits to the committee, our SVR is not a live rate per sein terms of new business. We give all our customers access to MVR. As per every public forum, I encourage customers who have SVRs to engage with us and take advantage of the MVR offer.

In terms of the blended costs of funds, the chief financial officer will answer that question specifically. I refer the Deputy to page 12, question 35, which relates to the cost of mortgage rates to consumers. The chief financial officer will give the committee a blended cost of funds and prima faciethat will be a low number. However, we do not price a mortgage just off the cost of funds as we have debated before. Unfortunately, on average, the regulatory costs, the credit risk costs, the liquidity costs, and, in particular, the capital costs in Ireland are higher. In terms of capital cost and the risk-weighted assets, RWA, the intensity we put against mortgages is much higher than it is in other European countries. It is all of those blended inputs which create the price of the mortgage, not just the cost of funds.