we've seen it for basul 3 which is a negative impact earnings.have also seen that the organization is contemplating potentially listing the hsbc uk retail subsidiary. >> i know there's -- there's a number of issues i want to bring helia in. i was just on the legacy stuff. one could argue that they actually want to keep the legacy, they have a balance sheet to do it until such time as they could get a better price for those assets. >> i think it's interesting. there are some concerns around, i guess, asia and if there's a hard landing in china, what does that mean for the hong kong balance sheet? does that mean bigger loss reserves? does that mean less revenues? what about the stakes that hsbc reduced in those banks? tom, you obviously have a great reputation and people like meredith whitney have made their careers out of calling things like citigroup back in 2007. we've seen bernstein come out and talk about standard chartered. have you applied the same stress tests to standard chartered? >> we have not. we do not cover standard chartered at this