I think it's fair to say that the direction of travel is that we're seeing an increased risk profile in the sector in Wales, and it's about the financial pressures that we've already discussed this morning. And that is why the efforts that the Minister has gone to to secure the Diamond settlement, and, indeed, other bits of money now and again, are so important. So, she's doing what she can, and that's really good, but we always knew that, between the point of the Diamond recommendations being made and the full implementation, there was going to be a valley to cross. The new machinery costs more as you phase out the old as well. So, the amount of funding was always going to be under pressure; there's a demographic dip, and there are the other contextual factors we've discussed. We always knew there was going to be a valley. And the institutions have been working very hard to try not to take cost out now that they really don't have to take out, because they don't want to reduce capacity, which they'll struggle to recover again when the financial position improves. So, they are seeing deficits, which are managed deficits, where they're spending more than their income in order just to keep the capacity in. So, they're being as responsible as we could expect them to be in this.
And, if you're back in a year or two's time, the next few years, are we confident that there won't be more in the high-risk category? You said you don't see collapse, but are we confident there won't be more in the high-risk category?
Well, I think what I would always say about this process is that it doesn't guarantee 100 per cent accuracy. We can only go on what we can see. So, I wouldn't—. HEFCW is innately cautious as an organisation, so I'm not going to say we're confident, but that doesn't mean to say we're worried either.
Right, okay. So, to answer my question: are we likely to see more in the high-risk category or not?