Mr. Eugene O'Callaghan:

I will give an example of the first transition. These arrangements were put in place following a re-tendered transition management panel. We have just completed the review of the first transition which took place under that panel in around October or November. We have all the data and we have reviewed the analysis. The issue with State Street initially was that market trades were aggregated within State Street and presented to us. Therefore, what we have done to get the data which disaggregates the market trade into what are called child orders. There are hundreds of thousands of tiny little trades, which is the way electronic trading works. We have got all of the child order data underpinning the transaction. We have arithmetically checked that they aggregate into the full amount and then at child order level we have been able to verify against market trades reported on Bloomberg. We have done a sample selection of that and it has all been fine.