Mr. Gabriel Makhlouf:

For me, the reason the mortgage sector is different to the insurance sector is the mortgage sector has greater transparency and a greater ability for customers to switch providers. To specifically pick up on the issue of cashback and to park our ability to intervene in pricing, the most important matter is to make sure the terms on which cashback is offered are clear and transparent because consumers rarely get anything for free. That is important for me. On insurance, the reason we are doing a study on dual pricing is we want to understand that issue because it is less clear. There is less transparency and less ability to switch so we want to understand exactly what is happening in the industry to satisfy ourselves the industry is in compliance with the code. The challenge with mortgages that we discussed earlier with Senator Conway-Walsh is the question of how we can facilitate and encourage a greater take up of the option of switching mortgages because there are products and opportunities out there for people to take out cheaper mortgages. That is the challenge.