The reserves are a measure. There's a difference between the distributable reserves—I don't have those numbers before me, but looking at reserves, what is more important are those reserves that are available as cash or liquid cash. So, universities have reserves, but a large amount of that is tied up in their estates, so they're not immediately realisable. So, one of the key measures that we're looking at, which is even more important than surpluses and deficit, is the operating cash that our universities are generating at the moment. When we look at operating cash in 2017-18, they were generating, as a percentage of income, about 7.6 per cent, which contrasts with nearly 10 per cent for the same year for English institutions. And that represents their capacity to generate surplus cash to meet their costs, which now, increasingly, include the costs of servicing their borrowings. So, again, because capital funding has not been as available to universities as it was, they've invested in their estates and that's largely been funded by borrowings. The costs of those borrowings have to be met on an annual basis, so that's becoming an increasing proportion of the operating cash that universities have.
I just asked that question because I know that about four years ago, the universities were sitting on substantial reserves and were less than keen to deploy them back into actually using them for the students—it was more about building up the war chest, if you like, of the universities. And I just really wanted to have an understanding of how that picture might have changed over the last four years and are they actually skinnier cats now, rather than before.
We can get you that analysis, but even four years ago, I think the definition of exactly what's meant by reserves, it's really important to look at what are distributable reserves as opposed to the assets that universities have.
Yes, I do understand the difference.