Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is the point. That is not what is stated in the opening statement. It is a small word, "new", but new mortgages are a small cohort of the overall mortgage market. We can look at the Central Bank's paper, which actually looked at the pass through of mortgage interest rates in terms of our European peers.

Dr. Ugur will accept that far from the impression that is being presented here, what they say is that for new mortgage rates the pass through has been softer, which means not as strong. It is actually the same for all outstanding mortgages.