Mr. Gavin Kelly:

A number of years ago, that might have been the case. The Irish market has changed over the last four-year to five-year period. In our experience, fixed rates have been very good value for customers and, as I said, we have seen that 60% of our book today is on fixed rates.

Today, we offer a very competitive suite of products and customers are talking to us and continue to talk to us about fixing. The trend we are seeing, as described earlier, is customers electing for longer-dated fixed products, and they are going for five years where they might have gone for two last year.