Mr. Gabriel Makhlouf:

The business models are different because some of these are actual lenders and some are firms that are just servicing loans which are owned by other people. On the evidence so far, some of these firms, though not all of them, have passed on the increase that the ECB has made. That is all we have seen. What we are trying to do in the analysis that we are now undertaking is to understand, in as much as we can because some of this information may not be obtainable, the overall business models so we can understand their funding costs and better understand what pricing judgments they are making. Establishing the facts and understanding them clearly is a precursor for us before we can work out precisely what to do.