Mr. Ger Mitchell:

We have existing customers who have moved across to some of our managed variable rates. It comes at a cost because the charge would have to be re-registered and there are conveyancing fees and so on involved. As I stated earlier, we have increased our lending to the market by 13% and a significant portion of that has been in terms of additional advances to existing standard variable rate mortgage customers. For those customers where the value of their property comfortably exceeds the size of the mortgage, they have moved across onto the managed variable rates and benefited from a lower rate.