Mr. Ed Sibley:

I appreciate that and the Deputy has been consistent in his view for a period. In short, I do not disagree with much of what he stated. In respect of providing decent customer service and long-term sustainability for the business models and strategy of the banks, it is problematic that they rely on inertia to offer different products to new and existing customers. Our view is that it is not against the regulations. It is a question of whether the firms look beyond mere compliance with regulation and think about the longer-term engagement and relationship they have with their customers, whether they are consistent with what they say they aspire to and whether they are trustworthy. We will continue to push them hard and seek to improve the fundamentals I spoke about earlier. There is differential pricing in many markets, as the Deputy described, including the mortgage market and other jurisdictions with other regulatory arrangements.