 This morning, Mark Bailey from Fixed Securities. Mark, European Bank Stress Test, we heard there left out some key elements in terms of the impact of negative interest rates. That was interesting, wasn't it? I mean, how reliable can they be? Yeah, I mean, there's been a bit of criticism that it wasn't a pass and fail this year. It's kind of just setting out a few conditions and a few examples of the stresses that it would take going forward. And in terms of those negative rates, that's been a huge concern for investors in terms of the compression that you're seeing on net interest margins and the ability to generate income. And that's why you're seeing whenever the Fed is kind of holding off pushing rates higher, the banking sector in the States just kind of underperform because it needs those higher rates to increase its net interest margin. In terms of the overall performance, I actually thought they were pretty decent in terms of what we were expecting there. It was obviously the Italian bank that's under a lot of pressure, Montipaschi, and potentially RBS that had to raise additional equity in certain stressed environments. But overall, I thought it was a pretty good result. Now, you can always argue whether they do the proper tests or whether they tried to show that the banking sector in Europe is stable and resilient. But I think there's still obviously gonna be questions over that, there's still huge questions in terms of how they resolve the Italian banking sector and how they get that 40 billion of equity into the banks, whether they have to bail in creditors or whether they do it beforehand. And that's got big implications for domestic investors in Australia because a lot of the hybrid holders in Italy are also retail investors as well, very similar to Australia. So if the government is allowed, and at the moment the ECB and especially Germany are saying, no, we don't want you to put that capital, taxpayer funds and capital into the banks before bailing in the creditors, they need to take their hits all the way up. And if that was to happen that way and the creditors did take their hits and potentially global hybrids would see a bit of a leg lower and Australian hybrids as well would probably be caught in that downdraft on a relative value basis. Moving out of Italy is obviously still concerns about Deutsche Bank and their hybrids or as they call them in Europe, COCOs which is contingent capital, contingent convertibles. They've traded side of the year at 92, probably traded down as low as in the low 70s and now in the high 70s. So they've been volatile and there's concerns there in terms of how their earnings are gonna be. Having said that, the banking sector, especially in the States has reported pretty strong Q2 revenues. You've seen really strong growth in the fixed income part of the business which is always interesting from my side of things. It's good trading revenues. There hasn't been a lot of MNA type activity but equity trading volumes have been okay, not stellar but most of the growth has been in the fixed income side. But having said that, the key driver for a lot of banking profitability is in that net interest margins and with low rates it's very difficult for them to earn that spread in terms of doing that business. And I think that's right in terms of what equity investors are looking for and also in some of the analysts, in terms of the EBA, their stress tests and maybe they didn't look at that in too much detail. That's interesting. As you say, low interest rates, can boost their lending book I guess for mortgages and so forth but obviously not good for margins there. I guess it's a similar scenario for our banking sector and we're just about to come into our own reporting season as well. So any expectation in terms of what we can expect for the major banks here? Look, I guess in terms of the lower interest rates it is gonna have an impact on their net interest margins but as you rightly point out it does benefit them from them in terms of lower corporate defaults that come through in terms of their corporate loan book in terms of their residential mortgage book as well the low interest rates do help that perform as expected and to plan. In terms of where the domestic majors see stress on their residential mortgage book I think it's kind of into almost double digits in terms of unemployment is where they see real stress tests coming through and we're a long way from that in terms of where we are at the moment. And in terms of the stress in terms of the payments a lot of people have been using the low interest rate environment to get ahead of their payments. So even if they did lose their job they'd probably have two or three months buffer to help pay some of that mortgages payments even without drawing on any savings that they had. So I think in terms of the stress that we're seeing in the banking system because of the low rates it is obviously benefiting but it is difficult for them to generate any kind of net interest margins. So I think it's going to be tough going forward and that again boils back to the equity side of things. Are they going to be able to generate the dividends to continue paying those and generate the yield for income investors? All right, fantastic. Mark, we're going to leave it there. Really appreciate you joining us this morning. Thank you. Mark Bailey there from FIG Securities just seeing seven West...