Those taking out variable rate mortgages or other borrowings expect rates to fall as well as rise and, generally, the level of change in rates is a matter for the institution concerned. However, the Consumer Director has a role in monitoring the extent to which competition exists in financial markets and would, therefore, be concerned if the institutions were overly one-sided in the operation of their discretion in this regard. I understand that on this occasion the Consumer Director has advised consumers to ask their lenders about their policies in respect of the pass-through of interest rate changes. I am informed that the financial regulator intends to carry out a survey of interest rate pass-through on various lending and borrowing rates and to pass any relevant information in this regard to the Competition Authority in the context of its study of the banking industry.