Mr. Alan Merriman:

Yes, well, look, I ... you know, clearly there's a lot of interested parties with a building society. So obvious candidates being the rating agencies, obvious candidates being the people who are lending you money, obvious candidates being the ... the regulator. So, you know, in sharing our strategies and sharing our business plans with all those parties, what was the reaction? What feedback were we getting? I'm being very clear, nobody - and I will say nobody - ever said, "Do you know what? Ted, Alan, Mark, Fergus, we really think that's not very clever.' In fact, I'm saying the opposite. I'm saying, "Do you know what guys? That makes very good sense. Yes, that doesn't give us a problem from a rating perspective and our particular A rating. Yes, we see the sense of you diversifying away from your mortgage book. Yes, we can see that the margins are under strain and, yes, of course it makes sense that you would diversify your business and have your non-member business. Yes, it makes sense to have a member business and a non-member business because we can see how it's circular." That's what I'm trying to explain.