Mr. Frank Daly:

I need to be fair. I am not sure that there is an issue about Tughans' reputation even now. There are obviously allegations about its former managing partner. Looking at it in 2014, when we exited PIMCO, Deputy Cullinane rightly asked whether there was pressure on us because of the sovereign and the other banks, it was not pressure but there were very valid considerations. As I said, we do not operate in a bubble.