Mr. Gerry Cross:

As the Governor has explained, there is a mechanism whereby international developments, geopolitical developments and acts of war can be reflected in the prospectus regulation. That mechanism is sanctions. We have seen that being done with Russia. One has to approach the prospectus regulation and ask what we are being asked to do here. I know the facts around this are extremely difficult, distressing and traumatising for all of us and, of course, for the people of Gaza, but the Central Bank, as a creature of law, has to ask itself what it is empowered to do. If we look at the prospectus regulation, it is there to say what is required if a country, that has not been prevented by sanctions, wishes to issue debt in the European Union. What is required is that the country issues a prospectus that is complete, consistent and comprehensible. A competent authority, as in the prospectus regulations, will be asked to make that judgment. However, that is all that is being asked. The authority that will be asked to make the judgment in terms of a third country issue which has not been sanctioned is the prospectus. This brings us back to the discussion we had the last day as regards it being complete, consistent and comprehensible. If that is the context, of course the recitals talk about the importance of human rights but it is in that construct. Similarly, when we come to our transfer decision, it is in that construct that we have to weigh that. It breaks down when we start to say we will actually do something we would prefer to do. That is where it breaks down.