Ms Francesca McDonagh:

I will talk broadly about our approach to mortgage pricing and Mr. O'Beirne will talk about the competitive dynamics in the market. Even from before I started as CEO, we have been very focused on a fixed-rate offering for our customers as we think it provides the best offer and gives a level of certainty, particularly in an environment in which interest rates are more likely to increase. Nine out of every ten new mortgages are at a fixed rate, particularly for first-time buyers of whom only 2% look for a standard variable rate. We believe we offer very good value across all loan-to-value ratios and terms between one and five years. Our customers tell us they value the cashback offer and it is a shame to take cash out of the pockets of Irish consumers when they need it most, which is when they move house and need curtains and carpets etc. There is a real value in the cashback offer in this context. Combined with a clear, consistent and simple product offering, supported by a process in which we have invested time and effort to improve it for our customers, we think we have a very attractive offering and our customers must think so too, because our market share has increased from 25% in 2016 to 27% at the end of last year. Our interim reports will be out in the next few weeks so I cannot talk about the latest figures but we have seen growing interest and improvement in our mortgage proposition.