Dr. Dan McLaughlin:

Can I just say the ... I didn't, but I would just like to make a comment about loan-to-deposit ratio, because it's instructive that under the new Basel regulations it isn't a requirement, and I think people may not understand that you could have two banks, one with a loan-to-deposit ratio much higher than the other, but all the deposits could be corporate deposits that are one week notice. Whereas another bank could have far less deposit, but far more wholesale funding, that they've issued five and ten-year bonds. So a loan-to-deposit ratio can be quite a misleading statistic, and under the Basel requirements, under Basel III requirements, it is not a requirement to have a loan-to-deposit ratio of a given figure, because it's not a very reliable figure. What is required is now liquidity coverage ratios, stable funding ratios, which take account of the different types of funding you have, and the maturity of those fundings. It's a much more reliable metric than loan-to-deposits.