Mr. Nick Ashmore:

From the very beginning we required the banks to account for every single euro we provided for them on a loan-by-loan basis. We built a customised system which we have extended into their office environments where they upload the information on each loan along with the confirmations that those loans have met the eligibility criteria we have laid down and which we are required to extend. We account for every single euro on a loan-by-loan basis. We also have to account onwards to our funders for the funding that EIB and KfW, for instance, have provided to us. We have to provide them with loan-by-loan information. We gather that information and we also go back and audit the information after the fact. That way we know that all of the institutions use all of that funding or they have to give it back. We find it is not logistically possibly to fund on a loan-by-loan basis. We simply do not have the people and the systems to do that. Instead we tend to fund in tranches. They can either be drawn down in advance and then deployed, in which case the cash will sit within the bank's balance sheet for a period of time. The banks have a period of time within which to deploy those funds. Alternatively, the institution will deploy the funds and then draw the funds down from us in arrears depending on the preferred approach.