Ms Dara Deering:

We undertook a deliberate strategy on pricing in early 2016. We decided not to offer solely fixed or variable rates but to give choice across the board. We wanted to ensure that if people wanted competitive variable products, those products existed and that if they wanted a competitive fixed rate, it would exist. At the time, we did a lot of research with customers and they stated that they did not want gimmicks. They wanted us to be clear and transparent about the choices they made so, notwithstanding the competitive nature of the marketplace, we took that approach. We also borrowed and learned from other entities or from other countries where KBC operates and where fixed rates are more long-term in nature. We brought a ten-year product to the market in October of last year. Actually, 31% of our lending this year is accounted for by that longer-term product. We want to give choice and we want to give value in a way that represents long-term value to consumers. We are not going to make short-term decisions just to give a headline rate. It is about having a proposition that is clear to customers and sustainable over the long term. It is why we say to our existing customers that they can benefit from new business rates as their loan-to-value ratio changes. We have had a very clear and consistent strategy over the past several years from a pricing perspective.