Mr. Pat Houlihan:

That may be the case. That is part of what underpins the Commission's concern about only having four entities. It is wondering what exactly will happen if one of them goes. Equally, one could argue Arthur Andersen went and the number reduced from five to four and the world did not fall asunder. What will probably happen is that it will merely aggrandise and the employees will be cannibalised by the remaining big three. I accept it is not healthy, but it is difficult to know what to do. The UK Office of Fair Trading is examining whether the audit market is open, fair and unbiased, etc. Following that evaluation, it is due to come forward with a preliminary announcement some time in November. That may be part of the reason the dossier is moving a little more slowly than it might otherwise do because people may want to be informed what the UK competition body has to state in the matter to see whether there is a suspicion of malpractice or that there is something going on that is not quite appropriate.