Mr. Jeremy Masding:

I am sorry. I would not make a prediction about the nature of the landing. The prediction I would make is that history tells us that the economic cycle in a time sense is nearer its end than its start. I will make a couple of points that will serve as useful inputs into that comment. Let us not forget that the Fed was guiding that it would continue raising interest rates. Obviously, it has pulled back on that because there are some degrees of stress, however one defines that, in the US economy. I will repeat what I am hearing from investors about their nervousness concerning banking stocks, which are a barometer for the European economy. I tell my team that we must continue to maintain our standards. In banking, that relates to credit standards in particular. We must not chase market share or volume. We must maintain our underwriting standards so as to ensure that we are predominantly lending to people through the affordability lens.