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The biggest item in our reported numbers for 2008 relates to the extra reserves we have decided to set up against the risk of rising credit defaults in the investment portfolios we hold. So it's worth considering why we've decided to put aside extra reserves in this way. Clearly the driver is the deteriorating condition of the world's economies, together with the effect of the difficulties besetting global financial markets. Our portfolio of bonds is of high quality and well diversified. Historically, it has experienced minimal defaults. But we are facing almost unprecedented uncertainty in financial markets and it is only prudent to recognise this fact.
I would stress an important point here. What we are doing is reserving. This is money we are putting aside, not money that has been lost. Frankly, I hope and expect that we have erred on the side of caution, and that we can subsequently release these reserves when economic and financial conditions normalise. But it would have been irresponsible, especially for a long-term business like ours, which has as its ultimate responsibility the need to be able to meet customers' claims, not to have provided against the risk of higher defaults in these very uncertain times.