I agree that this is a fast growing and very profitable arm of...

I agree that this is a fast growing and very profitable arm of the business. Unlike the home loans the personal loans are not secured by real estate and are full recourse back to the company.

The personal loan portfolio is relatively easy to grow - there will always be plenty of people happy to take the money. What is difficult is ensuring that the people you give money to, can pay it back no matter what happens to the economic cycle. Current provisions are very low which is a promising sign. Time will tell as to how well FSA can manage risk in this area. I will be keeping a close eye on provisions in this area.