Mr. John Moran:

Yes. I guess the first place to start is that when we were running the troika programme, in a sense we were agreeing with our lenders what were, in their mind, the most important things they wanted to have done in the system and they were always ... and I think it's actually referred to in Ajai's or Craig's testimony, which I know you've circulated to me, there were always robust discussions at every one of these quarterly meetings about what actually we would be signing up to do. And that was fundamentally because we had started on the process that if we were going to say we were going to do something, it was because we thought it was a good idea and we thought we could deliver it in the timeframe required, because that was the credibility that was built up over the programme. Now, the other thing that was happening, in complete parallel you might say, was that we also had other things we were doing but we weren't going to let them become troika programme commitments.

I can certainly recall ... having said numerous times ... because when we would mention these to the troika, they would suddenly think they were also good ideas and they would want to impose them as requirements in the programme. And we would refer to that as being penalising the good performers because, one, we were coming up with new things to do and, two, because we had done our lists from before, they certainly thought that they wanted to add anything. So we had numerous issues that we would be working on at the same time to improve stuff, for example, the creation of the strategic investment fund. That was never a requirement of the troika programme, but it was huge in the macro scheme of things in terms of the power and the firepower we were putting in to potentially investing into the economy, to create the growth that actually was mentioned earlier. But it wasn't a programme ... a troika programme. There are always opportunities that were probably missed. I mean, you know, we spent a lot of time doing the medium-term economic strategy trying to identify what actually more we could be doing in terms of the ... the system. But, I think, broadly speaking, we got to a reasonably good space and now there's an opportunity to do the rest.