I am aware that an application has been received from Islington for borrowing. The application is being considered in the normal way. On the hon. Gentleman's second point, I disagree with him entirely. The scheme offers a sensible way of financing a temporary balance of payments deficit. I explained during the debate last week that we are borrowing in this way through the public sector on normal commercial terms and that the repayment schedule stretches over a good many years ahead. It is, in the circumstances, a sensible thing to do.