Mr. Cormac Ryan:

The securitisation agreement is quite explicit that standard variable rate, SVR, policy, that is, the setting of interest rates on the portfolio, is delegated to Pepper. Obviously we look at a range of things, as would any other bank. We would absolutely keep the customer's best interests in mind. To be upfront, the main determinant, though not the only one, is the European Central Bank, ECB, rate. As the ECB rate might move up and down over the next ten, 15 or 20 years, I cannot give a cast-iron assurance. There is a likelihood that, over time, if the ECB rate starts to move, our interest rates will start to move, as will those of every other servicer and every other bank. Again, that would be no different from what would have happened if the loans had stayed in Permanent TSB.