Mr. Jeremy Masding:

How does a fixed rate work? A fixed rate works in that one funds it a point in time and that is the reason it is 9%. The nature of a fixed rate is that a customer buys certainty at that point in time. Since then, the macro-economics have changed. None of us could have predicted quantitative easing. None of us could have predicted such a low for a longer interest rate environment. I am at an age where I can remember mortgage rates much higher than 9%.

I hear what the Deputy is saying. However, the rates are there based on the funding at a point in time, and that will continue to be how banks operate.