Ms Dara Deering:

To clarify the amounts, the Deputy will find that people on standard variable rates tend to have much smaller mortgages. I think we have spoken before about inertia. Their mortgages are of approximately €120,000, whereas people who take out new mortgages have mortgages of approximately twice that. Therefore, the savings are actually not as significant as perhaps some of the headlines often make them out to be. Nevertheless, the Deputy is right that people can save money. What do we do? We do a number of things. We write to customers, which we have already done twice in the past six months, to ensure they are aware of all the options available to them. We also have a dedicated section on our website for such customers. We try to make it as easy as possible for them to put in their loan amounts and values so they can see what they can save. There will be further changes to the consumer protection code, which we welcome, and which will provide even greater transparency, so someone coming off a fixed rate sees what else is available to him or her.