Mr. John Corrigan:

The transaction in which the irregularity was involved was a very specific transaction. I will not go into detail unless the Chairman wants me to. It was called a transition where something was being transitioned from a stock-market holding into cash. It was a sizable transaction and needed to be handled with a certain amount of expertise. Clearly, we no longer use State Street on those activities and we have gone out to tender for a new panel of transition managers.

We have no issue with the indexed funds which are managed in a separate business unit within State Street, but we would be concerned with the quality of governance within State Street and other issues. To date, we only have the company's account on which to rely and before we make any decision on the future basis of the relationship, if any, with State Street, we would wish to see the report from the regulator in the United Kingdom.