That's a very HEFCW thing to say.
—potentially institutions going bankrupt, and there don't seem to be many steps in between that. I'd invite you to say whether you'd like to remedy that in future.
I think, as I said at the beginning of the session, this is why this post-legislative scrutiny is useful, because we can reflect on that feedback. As I said, I would expect to be able to ensure that the commission had a range of powers that could address—from that soft power and those early conversations to being able to, as I said, issue, perhaps, advice and guidance to an institution, so there would be a more graduated escalation. Huw, is there anything else that I've missed out?
Just to build on what the Minister has said, there's a range of ways in which we interact with all institutions that are going to be in the tertiary sector, and some of that is about providing information. So, HEFCW provides information—it sends around circulars, it produces reports and it holds events. There's staff, management and leadership development activity, which can create a culture amongst the leaders of institutions, but also amongst their governing bodies, to help them move in a particular direction. We would hope that's in the direction of the civic university approach that the Minister has outlined. We use those mechanisms and informal interactions with FE college principals, with the work-based learning provider network, with sixth forms and others, and we would want to see, I hope, in the tertiary sector some alignment of those things. When things go badly wrong, there are a range of mechanisms. I think what stands behind HEFCW's comments is that before we had a loan-based system of student finance, there was a system of block grant allocations and conditions could be attached to those grant allocations by HEFCW. I don't think we're going to be going back to that system in the foreseeable future because of the pressures on public finances—