Okay. Thank you.
Now, when Darren Hannah, a top CBA official, was before a Senate committee last week, he said:
Clearly there's a lot at stake, so from our perspective, it's very important that the intergovernmental agreement be brought into effect in order to avoid the consequences that would otherwise befall us.... [T]he economic consequences of non compliance would dwarf any economic cost associated with compliance.... Unfortunately, despite worldwide efforts by the CBA and others, U.S. officials have no intention of repealing FATCA; and simply ignoring FATCA is not an option.
Can you explain what he meant by that?