I'm not sure that's a fair characterisation of local authorities and the way that they look towards their reserves. But, to be perfectly frank, I am glad that local authorities generally are in a much better position than they otherwise would have been, and that's partly thanks to the additional £50 million that we provided to local government at the end of the last financial year. And that was to help them manage their budget in response to the emerging inflationary and service pressures, which they were identifying and experiencing at that point.

But, I think that we do need to think about reserves in relation to the overall budget of local government. And certainly, at an all-Wales level, the widest interpretation of usable reserves—and I think that that is an important point—is 26 per cent of the total annual expenditure. So, that's just three months provision for all of the costs of local government. So, I'm pleased that local authorities are in a better place than they otherwise would have been thanks to the additional funding we were able to provide. But, at the same time, I do have to say that usable reserves are different to the general reserves position because, of course, local authorities will have earmarked funding for various things, not least our investment in the sustainable communities for learning programme and the new schools and so on.