Mr. Jeremy Masding:

As the Deputy and I have previously discussed, we are aligned in our common desire to have a compelling front and back book mortgage strategy for Permanent TSB.

As I mentioned previously, I must balance that in terms of the value we provide to our customers while also ensuring that the bank remains competitive and sustainable. We referenced some of the examples of back book initiatives before, but I would like to put them on the record again. Any of our customers who has the standard variable rate, SVR, can avail of the managed variable rate, MVR, with a valuation that we pay for and, therefore, can get access to loan-to-value, LTV-based products. We also have some compelling back book fixed-rate products. If the Deputy asks whether we are where I want us to be yet, perhaps I can leave it as saying that I am aligned with him but that we are not there yet and there is still work to do.