Mr. Stephen Rance:

The easiest way to explain is to describe a recent process we have been through with the schemes put together in the UK, backed by the UK Government. In those instances, the process was very much policy-driven. All the lenders must assign their procedures to the insurance policy and adhere to the policy as they were before the insurance was in place. That could be underwriting or methods of dealing with arrears and recovery. We touched on another important issue earlier, the 24-month settlement from a cash flow perspective from lenders. In that instance, the process is driven by the Basel processes and capital relief. We developed policy wording that ensured the insurer would pay out after 24 months of default to the lender, irrespective of whether the loss had been crystalised. That meant there was not a rush to get to a crystallisation.