It's a bizarre system, surely? I can fly from London to Dubai on Turkish and pay 75k or I can fly UK to Dubai on Lufthansa / SWISS and pay, what, 250k at 1 cent per mile?

But will my redemption cost half the price of FRA-DXB, because the cash cost from the UK is often half?!

I reckon we're looking at 2 Eurocents per mile redeemed.

This would also explain why redemptions are restricted. The balance sheet liability will be FAR below 2c per mile and if you could effectively redeem for any seat at 2 Eurocents per mile then the accountants would want that liability sharply increased.