I think there'll be something for everyone. The liability...

I think there'll be something for everyone. The liability management(stiff the CN holders) exercise should result in a windfall gain if i understand correctly (i might not). Customers reducing, but margin improving despite credit quality in ANZ deteriorating. If you charge enough, you can overcome poor credit quality and mitigate risk by cutting off the bad customers. For me, it is maturing into a mainstream consumer credit provider that has a fast growing very short duration bit (US) and a slightly longer duration, ex growth bit (ANZ). I think the end game is to split the two to help consolidate the US industry, but that could be years away.