Mr. Ian Black:

Again, we have on-lenders with SPVs and on-lenders with no SPVs. Indeed, credit unions and banks do not have SPVs, so we lend to counter-parties - to on-lenders - and we have to satisfy ourselves with the financial structure. Structures are different, and the Deputy is correct that we need to ensure we protect the taxpayers and our European funders' interests. At the same time, we need to deliver the benefit to SMEs and be happy that the on-lender has the capability to do what it said it can do. That is the due diligence process.