Mr. Paul Hackett:

Effectively, yes. The package travel directive is the regulation that protects the consumer pan-Europe in the travel industry. Bonding is in place for when a company fails, not before that. It is a tribute to the industry that we have had minimal failure since March. It is because of the resilience of the sector and its viability. It has great bounceback potential; it has been profitable right until Covid and will be profitable afterwards but in the interim the industry is on its knees, without question. There is no buffer to protect us and there have been no handouts. The July stimulus was very much for industries that were able to recover and we have not been able to do so. No one has seen more than 5% trading since March.