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?
Indeed, it is.