 Our work with Emilia Boracourse di Pati and Mirko Moscatelli at the Banco Vitelli is about the pass-through of capital regulation to the cost of credit for firms. What we find is that for a one percentage point change in capital requirements, the average pass-through is about 9.5 basis points to the cost of credit, to the credit spreads of these credit relationships. But we also find that competition between lenders is very important in affecting the size of this pass-through and actually firms that have lower switching costs actually get a larger discount.