Mr. Jeremy Masding:

It is difficult to answer. When the market structure essentially has two significant players holding 75% to 80% of it, for the good of the customer it is important that specialist banks such as ours - I am never quite sure what the term "challenger" means, so I will use "specialist bank", given that specialist banks such as ours are focused on particular market segments - be seen to participate actively and keep the market leaders honest with the way we price, market and design propositions. In my time here, my people have been the first group to design a tracker mortgage product, put in place LTV-based pricing on a variable rate and operated rewards-based current accounts. We cannot compete with the big players in all segments, but in those where we choose to compete, I hope that consumers see that we are important and that we are trying to develop the right customer propositions.