Mr. John Corrigan:

He advised me that there are legal proceedings between State Street and a number of people who exited State Street on the back of this issue. He was quite guarded in what he said. The implication of what he said was that the direction with respect to these improper reductions did not go high up in the corporate chain of responsibility within State Street. I emphasise that this is an ex parte statement. While I have no reason to doubt what the vice-chairman told me, it would be prudent to wait and see where the FSA lands on this issue.