Mr. John McCarthy:

The honest answer is we do not know. It is very difficult to get a handle on the reason for the very strong rates of increase. One theory is that corporations are becoming more conservative on foot of the BEPS and perhaps reputational damage to some firms internationally; perhaps, therefore, they are becoming a little more conservative in making payments and so forth. However, that is only one theory and we cannot really test it. I have to admit that it is somewhat of a puzzle.