Mr. Ed Sibley:

It is difficult to say precisely because it would very much depend on the size and scale of the operation. The most recent application and authorisation from the bank's perspective was Credit Suisse and that was a third country branch. We had a large number of people involved in that authorisation because there is a degree of complexity with the business model and it cuts across two different supervisory areas. We also had to think about it from an authorisation, policy, risk and financial stability perspective. Multiple numbers of people could be involved at a given time.