Dr. Jim Stewart:

It always involves aircraft leasing. In some cases, firms specialise in leasing jet engines or other aircraft equipment. Their other assets would involve financial and legal corporations and comprise loans they have made to other companies and assets they have purchased. Within that €1,031 billion, there is a variety of securitisation firms, which probably make up the bulk of it, and non-securitisation firms. The latter category comprises the aircraft leasing firms, Russian conduits and other firms. There is an amalgam of real assets and assets resulting from securitisation.