Mr. John A. Moran:

Let me try. This will help the conversation to run. When we set out the measures at the beginning of May, we identified three ways, or three periods, in this crisis. There was the initial emergency, for which cash was absolutely required as soon as possible at a low cost and in an attractive way.

There was a recapitalisation of the firms for the second phase as they reopened and looked for new stock. There is also the recovery phase.