. >> good afternoon, todd rydstrom. this allows us to continue our commercial paper program that ogses -- costs about 1% on average by the time we borrow on the short market. that compares to about % if we were to have to sell bonds in advance. commissioner caen: is there a motion to continue the cost savings program? >> i have a question. why is the annual fee so much more? >> when we previously renewed this contract, the market was very aggressive for commercial paper programs. since then the investment banks and banks in particular are gearing up for the imp limitation of the basil -- implementation to have basil three initiative. what this compares to most recently, if you look at what we renewed with j.p. morgan last year, this is the same cost, the same rate that we got the j.p. morgan rates at a year ago so it's a very good deal for rate pairs, the continuation. in addition, we've locked this in at that rate for three years, so this will get us through the heavy lifting for the contract awards. >> i know there ar