Mr. Gabriel Makhlouf:

We took into account EU law and international law. We took into account what the prospectus regulation says and we came to a judgment that, in our view, is completely supported by law. What we could not do is to simply ignore all that and just come up with some other view. I suspect we are going to be in disagreement on this but the idea that we have ignored and dismissed other legal requirements, etc., is incorrect. As the Deputy can imagine, we have been thinking about this issue extremely carefully for some time and, on the transfer, we came to the view that we did. Just in case there is any avoidance implied, we have not ignored the committee's report at all. We have been doing the diligence we need to do in respect of the prospectus that we approved and were responsible for. We have not done that in the context of the next prospectus, which is for the authorities in Luxembourg to do.