Ms Francesca McDonagh:

I absolutely agree with the Deputy that simplicity is very important for customers looking at a mortgage. No one buys a mortgage; they buy a home and a mortgage is an enabler. We have fundamentally changed the pricing of our fixed-rate offering to enable the simplicity we want. The rate of 3%, regardless of loan to value, LTV, for between one and five years, is designed to bring simplicity and clarity and ensure there is no confusion in how we market the offer. The rate has reduced by 1.85%, or 38%, since 2015. Our cashback offer, of 2% at drawdown and a further 1% in the five-year anniversary, is very clear.

In the area of advertising, there is always an opportunity to improve and we engaged on this. There was some feedback and we did make some amendments. Mr. O'Beirne may have some specific examples of what was changed. We feel the underlying proposition of 3%, with a 2% cashback, is very clear. The fact that we have increased our market share by focusing on that single proposition, for over 90% of cases but particularly first-time buyers who value it most, gives us feedback that suggests our customers, who vote with their feet, like the offer.