Mr. John Corrigan:

We propose insisting on that when we re-tender these services. Regulatory sign-off is not necessary. As acknowledged in the comments we made to the Comptroller and Auditor General, this would represent a significant change in industry practice. Given what we know now, under the old arrangements people cannot be trusted and when €100 million comes in, €7 million is shaved off it. That is clearly unacceptable. If the global custodian arrangement had applied, the invoice from the external broker would have come in to the global custodian. It would have clearly stated €100 million and that would have been it.