Kieran O'Donnell (Limerick City, Fine Gael)
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Mr. Brown is being a little selective. It is correct with regard to the standard variable rate, but when one looks at loan-to-value rates below 60%, there is a significant difference between the Republic and the Northern Ireland market. There is a 2% differential. My point is that Ulster Bank is reacting to competition in the market.

To make a general observation, what must be examined at Central Bank and Department of Finance level is whether there is sufficient competition in the Irish mortgage market. Even at 2.32%, with due respect to Mr. Brown, it is reasonable to make the assumption that Ulster Bank is making quite good margins relative to its competitors in the Republic of Ireland market. If that is the case, why are the bank's rates not more competitive?