Mr. Vasileios Madouros:

I will be quick. The bottom line is that the last time we were here, we had seen the earlier parts of pass through from what happened to the ECB interest rates to interest rates for depositors and for mortgage holders. As the Governor said, the pass through had been quite slow and quite lagging vis-à-visthe rest of the euro area. We never expected to see a one-to-one situation, with what happened to the ECB rates being fully passed through but when we compared ourselves to the rest of the euro area, we were quite a bit behind. There was quite a big gap. That situation has changed now. For term deposits that households can put on deposit, for example, the gap between the rest of the euro area has reduced. There is still a gap but it has reduced relative to where we were six to ten months ago. The one area where we are still quite a significant outlier is in the proportion of term deposits with banks, which is still very high in comparison to the overnight deposits. Overnight deposits have some of the lowest interest rates. A much smaller proportion here, compared to the rest of Europe, is in term deposits that earn the higher interest rates. We have also seen a much smaller increase than we have seen in the rest of Europe, which could be because of a combination of factors in the system that add some friction. I will pass on to Ms Rowland now, who will answer from the consumer perspective.