Mr. Gerry Cross:

It was very much in line with our approach. As the Governor said, it is set out in the regulation and supporting guidance what the process is. The issuer can seek a transfer. We can then make a decision on that transfer, subject to two things. One is, in this case, that the Luxembourg authorities are in agreement and that the European Securities and Markets Authority is notified. In our guidance, we set out the conditions, the criteria, that we take into account when deciding these things. There are three set out there, but they include whether or not there is a public offer to be made in the jurisdiction. We were informed by the issuer that it was not proposing to do that. On that basis, the decision was taken in this case, in our normal process, to approve the transfer and that is what is set out in the regulations and in our guidance. That is what we followed.