Ms Helen Dooley:

If a court were to find it was a breach of contract, the remedy for a breach of contract is damages for the loss of the contract. We come back to our position that we withdrew the prevailing tracker rate because we would have had to increase it to such an amount that it would not have been an attractive product. The fixed and variable rates that were on offer were, therefore, lower than any tracker that would have been on offer. We stand over the contention that the customer has not been adversely affected. The customer has suffered no financial detriment here.