Mr. Eamonn Crowley:

Not all trackers have the same margin. Some have low margins and some have higher margins because of when they were issued. Therefore, some customers on higher margin trackers - and this is not just for our bank, it is across the banking sector - would have to compare the ECB rate rise, which happens within 30 days, and is repriced in 30 days, plus their margin versus a fixed rate. That is a decision they would have to make themselves. It is not that all tracker products are at a very low margin. Some are at higher margins.