What then, based on this structure, has created all the noise in the past year? There was a time when shortfalls would occur seasonally, close to Christmas and the hectic August travel period.
Manuel Sánchez: The changing tide of financial markets Remarks by Mr Manuel Sánchez, Deputy Governor of the Bank of Mexico, at the Latin America & Caribbean Government Funds Roundtable, Mexico City, 5 December 2014. *  *  *  It is an honor to speak at the close of this government funds roundtable, which has brought so many important international investors together.