More interesting is the possibility that the spread of network e-money might dramatically reduce the demand for deposits and hence correspondingly reduce the amount of bank reserves. The effect of the spread of e-money on reserves would depend on who provides it and on the regulatory and statutory responses. For example, will providers be restricted to depository institutions?
Yesterday you talked quite extensively about negative rates; you said tiering is working well, but is there a point where actually the side effects of negative rates mean that you need to scale it back? We will be looking at the side effects as part of the strategy review. There is no question about that. We need to be attentive to that.