It is a pleasure, albeit a somewhat surprising one, to be invited to speak at today’s function. I say surprising because to date the invitations we have received to speak about Basel II have been more to do with the headline grabbing aspects of it, and loan syndication has certainly not been one of those. So I am pleased to have this opportunity of digging a little deeper with you into some of the implications of Basel II. I hope however, that you will bear with me as I inevitably stray beyond the immediate interest of people here today. In covering the more general aspects of Basel II and Australia’s implementation of it I will draw on earlier speeches made by APRA, so to those of you who may have read those earlier speeches, I apologise for being repetitive.