Professor Philip Lane:

We definitely analyse it. We are about to publish our latest SME report, which has material on the impact of that source of funds and the availability of credit and so on to the SMEs. We are looking at it at that level because we want to understand what is going on with SME lending.

In terms of compliance, I imagine the EIB monitors the situation. It is an agreement on lending between the European Investment Bank and various intermediaries. It is for the EIB to monitor the situation and it is not directly for us to do.