[laughs]

Um, so a lay per- a lay person would imagine that a risk appetite from banks to lending, um, is only driven by risk considerations.

However, the practical experience of most of you, us, in the room, uh, would prove that conjecture otherwise.

Um, more often than not, regulatory angle is just as influential.

If a product is rated illiquid, reduced profitability for banks will lead to shi- to a shift i- to structured trade.

However- Structured trade means collateral monitoring, which requires infrastructure.

Infrastructure means middle office, which means costs.

Mm.