Ms Jane Howard:

We will not know who has a challenge in respect of credit cards until the situation crystallises on 22 March. That is the date on which customers will need a new credit card with a new limit, and enable them to clear the debt. We have been actively engaging since March and April 2022. We targeted the 5,000 customers who we thought might have a challenge to clear their balances. In fact, 75% of those customers engaged with us and we saw a reduction in their exposure. If they can now get a credit card at that lower amount, their needs will be sorted out.

We ran a second campaign in October. That campaign lasted approximately eight weeks. It was similar to the first campaign except we extended it to another 10,000 customers to understand how they felt about getting a credit card. With that particular cohort, it is fair to say the majority were confident they would be able to get a new credit card.