Perhaps. Thank you.
I have to apologize. We released our brief only yesterday, and we did not have time to translate it.
Is the implication of government measures to improve the quality of assets on the balance sheets of financial institutions necessarily that those financial institutions did not do a good job of assessing the risks underlying those assets on their balance sheet? It's a good question. It's one that we don't actually have to try to answer. We can observe the risk spreads on interbank lending among financial institutions. These had soared to very high levels, first in mid-summer 2007 and then again in September and October 2008. We suspect the reason for that was lack of trust among the institutions about the quality of those assets.