Mr. William Beausang:

Okay. The competition issues are certainly ... were very significant, not just looking at the IFSC, but looking at the UK, broadly UK institutions that were providing retail financial services into the domestic banking market, that level playing field issue was certainly influential, and was a concern where the Financial Regulator was talking about, or was considering taking particular steps, they'd say, "Well, the problem that might arise here is that banks will no longer be subsidiaries, and they'll branch in and provide those services and no longer be regulated by ourselves."