Dr. Graham Love:

I will take the Deputy's last question first. That matter is being examined very specifically by the international panel examining the funding model. The capacity to borrow, for example, has been a central feature of some of the submissions the panel is considering. The matter is therefore on the cards for the report, which I hope we will have by the end of June.

In answer to the Deputy's first question as to whether it is lowering of financial input that is causing the deficit while student numbers are static, it is undoubtedly a significant contributor. We cannot step away from that. That is a statement of fact.