In the global financial crisis of 2007 and 2008, several banks failed, notably Northern Rock and Lehman Brothers, as most of you will know. And the reason banks fail typically is not a lack of capital, CET1, or equity or however you define it but the immediate trigger usually is liquidity and funding. So in the Basel III framework, there is increasing focus on liquidity and funding. So in terms of the liquidity, we have to ask ourselves, is there enough cash to meet short-term outflows? Hence the launch of the liquidity ratio, the liquidity coverage ratio, the LCR and the LCR is simply enough to calculate, look at the stock of high-quality liquid assets and this is observable from the balance sheet. These are assets that are cash or can be very quickly turned into cash without significant loss of value. Now, compare that to net cash outflows over the next 30 days. Now of course, the net cash outflows over the next 30 days has to be estimated, and that outflow is estimated using what's called supervisory rates. So the supervisor helps us estimate those expected net cash outflows over the next 30 days. And of course, that liquidity ratio needs to be above 100%. So the stock of high-quality liquid assets need to be enough to meet the expected net cash outflows over the next 30 days. Now this liquidity ratio floor of 100% will of course be broken if there is indeed a period of real stress in the market. Next one up, under the Basel III framework is the net stable funding ratio, also known as the NSFR. The net stable funding ratio asks us, does the balance sheet have enough stable funding in the long-term? We wanna see a situation where the bank relies on long-term funding rather than too much short-term funding. And the stable funding ratio is calculated as follows. Look at the available stable funding and compared to the required stable funding, and again, that ratio needs to be over 100%. The available stable funding is the portion of the capital and the liabilities on the balance sheet that will remain with the institution for more than one year. And again, in order to arrive at this number, there's some estimates required and the regulator will help us make those estimates. And then the required stable funding, that's the amount of funding that's required to hold, given how liquid the assets of the bank is. And again, this has to be established using factors from zero to 85%, given by the regulator.