Mr. John A. Moran:

We want to have cash in the system. Interest-free loans are still loans and they have to be paid back. There are some things that firms need money for, such as investment in innovation, where interest-free or low-cost loans are absolutely the right answer. For the stock that Ms McCabe mentioned, however, which will no longer be sold other than in a liquidation sale, an interest-free loan would not help. We need to recognise that it is a loss and compensate the firm for the loss so that it can buy stock for the next season.