I am grateful for that landscape of the new bank and the large elements of agreement from the noble Lord in drawing his conclusion. To cut to the quick, this is obviously about how we are going to attract co-investment. In meetings with the noble Lord, Lord Smith—and with the noble Lord, Lord Adonis, who sadly is not with us but we have discussed this—he was very clear that this will not be a problem, as indeed I am because of a number of countries that I visited. There is a huge market out there. We had the Kuwait Investment Authority over last week, which was celebrating being in the UK for 60 years. It readily indicated that it would like to invest alongside us in the future.
On the timetable, I refer to the noble Baroness, Lady Ford, who indicated that she would agree that this is very much a matter of track record. No fund can set up shop and on day one expect to be deluged with investment, even if the board and chief executive are very well recognised.