Yes, I'll try to be succinct.
To the point first of all as to whether or not U.S. citizens are intended to be captured in the agreement, I think without hesitation the answer has to be yes. The agreement describes a U.S. person as including a U.S. citizen or resident individual.
If we were to say that U.S. citizens or a class of U.S. citizens resident here were not captured or were exempt in whole from the reporting obligation, I know that the U.S. would consider that inconsistent with the obligations that we were thought to have accepted under the agreement itself.
To your point about the scope of the agreement, yes, there is a narrower scope or field of accounts that have to be reported or are subject to reporting under the intergovernmental agreement as compared to FATCA itself. I won't list them all, but we've talked before about all the registered accounts that are kept out of this reporting obligation as a result of this. There are also exemptions for small financial institutions and the like. All of those slice reporting off of what has to be done as compared to FATCA.
Finally to your point, if we didn't do this and if instead we went to FATCA, then yes, we would be back in that sort of hard world where either banks would be trying to find a way to cope with U.S. compliance by sending information to the U.S. directly in relation to a much wider range of accounts than the IGA would contemplate, or facing withholding tax on their behalf and on behalf of their clients, which I think would probably shut them out of the U.S.