Yes, that would be fair to say.
So, to what extent are they planning for more capital investment in those financial strategies that they've been preparing and presenting to you?
They are all planning for capital investment. They are in different positions in terms of capacity to borrow and the assumptions. This year, 2018-19, is the first time that we've had capital funding in our remit letter—so, we've got £10 million of capital funding, which is very welcome, with a prospect of a further £20 million. So, that we will be allocating shortly. That will make a difference, particularly to those institutions who are not finding it as easy to borrow from financial institutions. Some of our larger institutions have borrowed—Cardiff University issued a bond. However, there are internal governance processes that are putting tight restrictions and expectations of what that money will be invested in. But they all have plans to do it and they need the confidence that their forecasts and long-term future funding prospects are secure enough that they can get the confidence of borrowers then, and service the costs of those borrowers.
So, the Diamond dividend you've mentioned a few times. What clarity is there from the Welsh Government at the moment in terms of how much they anticipate the Diamond dividend will be, and what proportion of that is going to be released to HEIs in the future?