There is no foundation with regard to the dilution. The bashing...

There is no foundation with regard to the dilution. The bashing about that is just to distract talking about the Tier 1 capabilities I think which will enable the company to cease transaction fee splitting with the NAB for example and other third parties. Yes, full transaction fees into the pocket. Alas a white label lost?

The $30b unwanted deal looks to be the reason for the high costs. In the interim to the full Tier 1 implementation, it appears to me that the Company has put together several packages to cater for the unwanted. As the revenue and high costs are evident in this Quarterly, the unwanted like it and are coming in. It will be interesting to see how much of that $30b can be got. Same happening in Europe? Best of all, the Company doesn't see too much competition out there and have said a few times the tech is perfectly suited for the unwanted market.

Some see the difficulty in every opportunity; some see the opportunity in every difficulty. Can’t remember who said that or similar, but it is apt.

I think the endorsement by the European Central Banks, authorising the issue of Bank Accounts by the Company, has opened doors and has to be the mother of all white labels.