Ms Mary-Elizabeth McMunn:

We look at all aspects of the prospectus directive that we are required to look at in order to discharge our duties, which are ensuring investors in bonds have a handle on the financial position of the borrower, are clear on the rights underlying the securities and understand the issuance of the proceeds; and, as the Governor said in our opening statement, satisfying ourselves it is complete, comprehensive and consistent. We will do that on each occasion a renewal application is in front of us. We have examined all of our framework and whether there are other aspects under which we would reach a different conclusion. We do not believe we could reach a different conclusion because it satisfies the test of those two things.