Ms Derville Rowland:

The Deputy will be aware that a key part of this was to make sure there was no discrimination for customers who are in the non-bank sector if they wanted to seek a mortgage in the banking sector. We found there was not. We were aware that people were not clear about what they had to achieve in order to be eligible to switch their mortgage. Those are things like a good credit history, being able to repay their loan for two years, and meeting loan to income and loan to value. It has been really beneficial that those criteria are clear. We see this beginning to move. Mr. Madorous will have general observations about the system. We think the same amount of switching is happening in the credit institution banking system as in the non-banking system. It is early days. A small number, about 900 to date, have switched, but that is good because that means people who are paying higher amounts in the non-bank sector are able to get a better-priced mortgage for themselves in another sector. It is early days. We think there is more switching opportunity in the system. We will continue to encourage that because it will obviously be a better outcome for people to know the pathway is there and available. It may not be available to everybody but we think there is more that definitely can be done. That is a beginning.