Mr. Michael Bennett:

When we review the risk on a loan, we look across a number of dimensions such as the affordability assessment on the borrower, the deposit the borrower brings to the property or the LTV ratio, the contractual features of the mortgage, and whether there is a variable rate or a fixed-rate period; all of these aspects feed into the risk of the product. When we insure loans we try to avoid layering of various risk components. It is difficult for borrowers to save a deposit and I think there is an appropriate level for certain borrowers where an LTV ratio is there. I would not necessarily put hard numbers on the appropriate level or the cap. We have to look at risk across a number of dimensions and at the layering of risk.