Mortgage books have trail commission attached to them which...

Mortgage books have trail commission attached to them which provides ongoing revenue for YBR. The future value of this is expressed as a net present value figure based on likely amount of value the mortgage book will produce based on repayment levels, margins, etc. YBR has recognised that their mortgage book in NPV terms is now less valuable due to margin pressure and increased levels of refinancing so are reducing the amount they value it at. it's a non cash write down but is important in terms of being able to value the business.