Mr. Patrick Farrell:

I thank the Senator. To reaffirm what Mr. Crowley said earlier, we have put a lot of effort into making our new fixed rates available for new and existing customers along with making significant reductions in our variable loan book. The market today is 80% fixed and 20% variable. We have also gone to great lengths to make sure we have a fair and competitive offering for our variable book and make our new fixed rates available to new and existing customers.

The Senator is correct that the four-year product is for new business only. That is the product that we want to be competitive on. We want to grow our business. We want to introduce something to the market from time to time that helps to grow that business. Our long-term aim is to make sure that we have fairness for all customers we have and are offering, as best we can, all of our products to our new and existing customers. From time to time, we will introduce targeted incentive-type products to try to grow our business, and drive competition in the market for consumers and create an overall better market for them.