Mr. Gabriel Makhlouf:

I have heard less of what the Chairman has described. Obviously, again, if there are broad brush rules being applied then I would be uncomfortable about them. On the other hand, it would not be surprising for banks or any credit institution to exercise caution right now. The interesting thing about SMEs is how many of them do not have bank debt, as we talked about earlier. A significant number of them do not even have a relationship with their bank manager. That is quite a different situation from what one normally sees with borrowers in the housing market and, as I said earlier, that is not automatically a good thing.