This is what I don't understand, this is exactly how a market works. If it isn't worth it for enough people, then there will be no supply, and people will have to offer higher rates. Again, we don't want to set rates, and we are not trying to guarantee any sort of return, it is simply an option that people can, if the rates are agreeable to them, choose.

So that is why I am always baffled by all the discussion about FRR. Your unwillingness to offer a swap is a signal to the market that the rates are too low for you. If enough people feel the same, rates will have to rise, or there will be no swaps available. It appears, given that there is plenty of supply, that a lot of people require much lower rates than you, and what is hardly worth it to you, is worth it to them. This is what I was talking about in an earlier post, markets are always a race to the bottom, that is actually the discovery of the price.