Mr. Jeremy Masding:

There are three dimensions to those questions. First, as I suspect we will not agree, I will give the committee the principle. We believe the approach the members have proposed is moral hazard which creates real issues about fairness between customers. That is the bank's position.

Second, we will consider different options for Project Glas at all stages. I gave the six left or right stages. As Mr. Crowley said, each stage is a gate. We have to consider-----