Yes, I understand that, so let’s come back to the material uncertainty. [Interruption.] No, I understand, and that's fine. What I'm hoping to try and express is that we have absolute confidence that the institutions will not do the dirty on their students. They will look after their students and if they're recruiting to programmes, they are recruiting to programmes that they are planning to run, and run through to completion. And the expectations that we place on them in terms of our quality assurance machinery is precisely that—when they are engaged in portfolio change, they have to look after the interest of the students that they currently have. In terms of our oversight and monitoring, our primary consideration, again, is the interest of the students. They are the people who have, in many ways, least influence over what happens in terms of the way an institution is managed. Although, they do have a voice and, actually, the arrangements for the student voice in Wales are, again, better than elsewhere in the UK. But, nonetheless, we do not wish to see students becoming innocent victims of difficulties of management and financing. And so that is our primary consideration when we're looking at these institutions. Our institutional risk review process is fundamentally designed to make sure that institutions are grappling with their problems before they become a crisis. So, we have machinery, which has 70/80 different factors and hundreds of questions that we ask twice a year, to interrogate the performance of the institutions and to make sure that we are seeing them managing the issues that they're facing. So, it's not the challenges you face, it's the way you face your challenges—it's a cliché—and, at the moment, they are managing them, but if we were in any way concerned that they weren't, the people who are most at risk in that context are the students and we will be intervening to make sure that they were cited, and we do intervene when we have to.
Well, following on from what you said, I've just got two really specific technical questions, then, to ask, because you said that you look across the whole scope to make sure that they are meeting all of their correct liquidity ratios and so on. So, considering how much is invested in their estates, are you happy that each university's estates strategy and its financing is prudent and has appropriate governing-body oversight in place?
Yes, so the estates strategies that institutions operate are overseen by either the full governing body or relevant sub-committees in respect of every institution, so there is proper governance oversight. And in all of those instances, there is staff and student engagement as well in the strategic approach on estates. So, the machinery is in place—
Because it's the big thing that drives most of university borrowing, isn't it?