They can charge any rate, maybe 14 per cent to 5per cent. It’s their choice. They set the rate based on the risks of each loan but on average I want them to be at December 2008.
The other thing I did for the first time in the history of the Reserve Bank is to control the spread – ie the interest rate spread which is the difference between the lending rate and the deposit rate. Now, normally this is not done. I was very reluctant to introduce this policy.