*  *  *  Introduction Ladies and Gentlemen, It is a great pleasure to speak to you on this occasion here in Moscow. The Cooperation Programme that ends today has been very successful in two important fields for central banks: banking supervision and internal audit.
There are often reasonable explanations for why the standard variable mortgage rate does not move in lock-step with the cash rate. Today, though, I would like to break with my usual practice and provide a clearer answer. And that is: Yes, this reduction in the cash rate should be fully passed through to variable mortgage rates.