Mr. Brian Hayes:

It is particularly advanced this year for two reasons. The level of switching we saw last year was extraordinary, largely because people got in ahead of the ECB rate rise and fixed for a three- or five-year period. That drove a lot of the numbers last year. The majority of mortgage approvals now, on a monthly basis, are for first-time buyers. That continues to grow, notwithstanding the sluggish nature of mortgage approvals across other parts of the book.