Mr. Angel Mas:

I will add to that, if I may. That is why this is not a game for general insurers. Mortgage insurers need to be specialised entities. They have a specific regime under the PRA whereby, for instance, we will not invest in any mortgage-related asset. We hold massive liquidity compared to our whole asset base. We need to match our assets and liabilities because our liabilities are long-term in nature. We cannot have any substantial debt because we would not be able to access the markets when the crisis hits. It is important to learn from the past. In the past, some general insurers may have tried this particular segment and they were unsuccessful. International experience in the best countries demonstrates that the specialists do better.