Mr. Ed Sibley:

I cannot talk about individual banks. If I look at the banks that heavily differentiate between fixed rate and variable rate pricing in terms of the products offered to both new and existing customers, then north of 97% of SVR customers can switch from their current mortgage rate to a lower one. They have that choice. One of the banks has clearly articulated that choice at this committee and it is also the case with the other banks. Customers do have a choice. They are not being discriminated against in terms of that choice. They have exactly the same ability as a new customer to move to a much reduced rate relative to the one that they have today. In terms of market functioning and competitiveness there is choice.