We of course have read some of those reports as well. It really is the case that, in the vast majority of money market segments, there’s complete pass through. You can find semi-traded low liquidity minor segments which, temporarily, may have had partial pass-through, but in the grand scheme of things this is a minor issue; there’s been complete pass-through.
Is it your expectation that tiering is going to be successful in buffering consumer rates 3 / 11  BIS central bankers' speeches  from unwanted outcomes? The motivation for tiering is, essentially, in a world where… I wouldn’t want to take a position about the extent to which banks can pass through negative rates to depositors.