Mr. Frank O'Connor:

As Mr. O'Kelly mentioned, there are a number of performance reviews. In the late 1990s, there were approximately six primary dealers. Over time, we peaked at 18. At present, we have 14 primary dealers. All of these dealers have various metrics to meet in terms of hours of quoting, bond prices, their activity and their obligations to bid at auctions. We have a range of criteria to assess them. When they compete, it is on a syndication as this is the only time they earn fees. They do not earn fees for auction participation. We have a range of criteria. The dominant criteria are auction performance and taking down bonds. There is also secondary market turnover. There are other categories for their treasury bill performance, market research, how they deliver on roadshows, hours of quoting and compliance with quoting in the market. It will not surprise the Deputy to hear that every day there is interaction from our bond team and short-term team with all of these primary dealers. There are also regular meetings throughout the year. In the next week or two, we will have a senior executive meeting with the senior people in each of these institutions. Again, it all comes back to criteria throughout the year and constant review and feedback.