Mr. Gabriel Makhlouf:

Inflation has become more broad-based, although Mr. Putin's decisions have clearly been damaging in more ways than the obvious. We expect the banks to respond to the monetary policy decisions that we make but how they respond will vary, as we have seen with the banks in Ireland. I suspect that, if there was no response whatsoever from the banks and if this continued for a long time, it would be concerning, partly because we would not see monetary policy being transmitted in the way we expect and partly because it could potentially tell us something about the risks the banks were taking on, risks we would want to look at much more closely. However, at the moment, the banks do appear to be responding, albeit in different ways.

Those are commercial judgments they will make. In a competitive market we expect differences to be seen in the way that the market responds to decisions we take. Mr. Kincaid may wish to add to that.