Thank you for the extensive series of questions. If I can start off by saying that I think today is a really big and important day: to have an established financial institution confirming in public that it is looking to develop the proposal in partnership and will be the established institution to take matters forward is a really positive step forward. And as I said in my opening, no community bank of this scale or model has yet been established anywhere in the UK. So, this is a novel policy area where Wales is taking a lead, and I'm really pleased that we have got a mutual financial institution that is ready and prepared to partner with us, in a manner that should be not just to deliver greater community banking services, but will probably end up being transformative for the Monmouthshire Building Society itself. So, this is a really positive day, and many of the questions that Mark Isherwood has asked are questions that we have already had discussions about and I expect we will get more on as we move forward, because—. Your points about, 'Does the community bank overlap with other services?'—well, actually, we're looking to support and establish a community bank because of the flight of traditional banking services from many communities. I know this is a matter that, as I said in my opening, is supported by Members from across the political divide within the Senedd, because all of us have experience of traditional banking services disappearing from communities we represent. It's the same for Members who represent largely urban constituencies, as well as those that are largely rural. So, there is a real challenge here, rather than a problem of there being an overlap, as a broad picture.

But when it comes to how those partnerships will work, including, for example, the partnerships we'd expect to see with the credit union movement, those are things we expect to see more detail on in both an investment proposal, but also there is work that has already been undertaken by Banc Cambria because, of course, they are part of the co-op and mutuals movement, so they have established relationships with a range of credit unions. But it is entirely reasonable for some credit unions to question how it will affect them and their business and not end up being something that squeezes out competition where services are already provided, rather than providing services into communities that we recognise are under-served at present.

On your question about Welsh Government due diligence, we and any other investor will certainly undertake due diligence following an investment proposal. And we're at the point now where Monmouthshire have confirmed that they're going to move to do that, so I will expect from them a proper investment proposal for us to look at, to scrutinise, and they will also, of course, need to assure their own regulator about the proposals that they are looking to make and what it means for their current members, as well as for future ones too. And again, this goes back to one of the points you made in your list of examples, where you've raised similar issues, on the fact that having an established institution should actually mean that we're able to launch a community bank at a greater pace than if we had otherwise tried to start afresh.

I note your points about the Post Office, and, of course, at one point, there was the possibility of a properly established postal bank—those are matters that are in the hands of the UK Government, and, of course, the Post Office has had for some years an established tie-in with the Bank of Ireland. So, again, we're looking at the landscape of where services exist and looking at how we can add to what exists rather than compete with established services that are already providing a decent service to communities across the country. 

On, I think, your broader points, I just want to register this about credit unions: we do expect there to be agency or partnership agreements in place. You wouldn't expect those all to be established with today's announcement, but our expectation is that this will genuinely add to the banking and financial services that are available in many of our communities, and I do believe that this is a really positive step forward. I think the significant detail that you're looking for in many of your questions can only be answered when we get into greater detail in the proposals to be brought forward, including, of course, how the new Banc Cambria establishment expects to deliver branches and the criteria that it will use for where it would wish to establish those in the future. But I look forward to updating Mr Isherwood and other Members over the coming months.