I'll move on to managing risk, if that's okay. The feedback from Universities Wales suggests that, with the outcome of the 2015 Act, institutions with the strongest track records are more highly regulated than the riskier private alternative providers. Do you think that Act has struck the right balance?
I think the Act has created a system where the level of regulation is proportional to the amount and the nature of public moneys received by institutions.
Okay. Those were the words used by Universities Wales—
No, no, I'm not disagreeing. My view is: I believe that the Act has struck that proportionality. When you look at public moneys going into institutions, I think that the Act is proportionate, myself.