Mr. Padraic Kissane:

There are a couple of things there. First, I am always intrigued when I hear that Irish banks are absorbing interest rates. That is the greatest misnomer of all time. The reason they are is that they were way above the proper level of interest rates in the first place. They were able to absorb because their rates have been historically high, probably since about 2012, particularly in regard to Bank of Ireland and Permanent TSB which had variable rates that were way out of kilter with the marketplace. When a bank says, as though it deserves a prize or an award, that it was able to absorb - that is the word the banks use - the ECB increases, it is rubbish.

With regard to Pepper and the setting of interest rates, how can Pepper can put out communication with regard to interest rates when it probably has 300 interest rates to set? That is a guess but Mr. Hall can confirm the number.

It is a credit servicing firm in the main. If Pepper owned the loan, it would have an interest in the setting of the interest rate. The interest it has in the setting of the interest rate for the credit firms is dictated by both the credit firm and what it does. It is absolutely right in saying that as a credit servicing firm it does not matter what the entity charges for the interest rate, it still has to do its job. I am not sure, and Mr. Hall might confirm, whether Pepper actually owns a particular loan but it is a credit servicing firm for hundreds of these entities. There are the tracker rates, which automatically follow the European Central Bank, ECB, there are standard variable rates, there are vulture funds and so forth. Does Mr. Hall want to come in?