Mr. Gabriel Makhlouf:

I am sorry but I cannot comment on the adequacy of the 2015 regulations because I am not familiar with them, but I am very happy to send the Chairman something in writing.

On the point on mortgages, I will repeat what I said earlier. It is important that lenders do a proper assessment of the creditworthiness of their borrowers. That is absolutely important, not just in the interests of the lender but it is also in the interests of the borrower and of the community as a whole. On the other hand, it is also important that the assessment is done properly, by looking at the creditworthiness of the borrower, so I was a bit uncomfortable when I read the other day that there were blanket approaches whereby if one received a particular type of payment, one would not be entitled to a mortgage.

To me, that implied there was not a proper targeted credit worthiness assessment - that there was some broad brush being applied - so it is important that is done. Unfortunately, that will mean, in some cases, that a very long-term financial commitment cannot be entered into because it is not in the interests of anybody.