Mr. Jonathan Sugarman:

Most definitely. This applies to all banks operating out of the IFSC. We are the children of wealthy and established continental European and American banks. We know that if we are short €2 billion or €4 billion during the day, we can ring our parents, ask for a couple of billion euro and promise to give it back by 5 p.m. or tomorrow. The most definitive set of accounts is what we are doing at the close of business at 5 p.m. Every trade done after that comes into the following business day. The close-of-business accounts tell us whether a bank had enough cash at that moment in time. The Central Bank allows a bank to breach by 1% because Senator Burke, for example, might go to it at 4.55 p.m. because he wants €250 million of the €300 million credit line that it gave him. It is the Senator's to be had, so the bank must give it to him. Having done so, the bank might then be in breach because it would not have enough cash, which is why the Central Bank allows a 1% breach, but nothing more. Even then, the bank must notify the Central Bank and its own audit committee immediately about how close it is sailing to the wind.