i guess i would start right where mr. meier left off in saying that we remain very concerned about this collateral liquidation problem that you're discussing. obviously it is the largest concern with respect to less liquid collateral, but it is a concern with even morecollatera. so i think we feel that even once the credit issue has been addressed by reaching the target as others have described, there is more work to be done around collateral liquidation. there are a number of models that might work. we think you can be done in the context of a bank system although there are challenges because collateral liquidation systems rely on a membership structure and the ability to mutualize risked and the ability to assess cast -- capital contributions. we think that would work. we also think that utility is another possibility and will be something that will have to be looked at seriously. as we move to this next phase. >> you have to have a chance to answer this question. >> i would agree with everything that was said. we have been d

i guess i would start right where mr. meier left off in saying that we remain very concerned about this collateral liquidation problem that you're discussing. obviously it is the largest concern with respect to less liquid collateral, but it is a concern with even morecollateral. so i think we feel that even once the credit issue has been addressed by reaching the target as others have described there is more work to be done around collateral liquidation. there are a number of models that might work. we think you can be done in the context of a bank system although there are challenges because collateral liquidation systems rely on a membership structurend the ability to mutualize risked and the ability to assess cast -- capital contributions. we think that would work. we also think that utility is another possibility and will be something that will have to be looked at seriously. as we move to this next phase. >> you have to have a chance to answer this question. >> i would agree with everything that was said. we have been dis