PA , you have mixed up the loss for the year with the debt. The half-year loss was indeed around £1.5 bn because of the write-down, one could be kind and say most of the loss was not ‘real money’. Unfortunately, the actual debt stands close to £1.5 bn because the present management have once again let it run away after Harriet Green reduced it in the previous crisis to about £400m. Its the third time in my years at TCX/MYT/Airtours that the debt has spiralled out of control to about this level and the banks have said no more. The PLC is on life support and there is talk of a £750m cash injection to shore it up. How that amount of cash can be found to support a company which in the view of some analysts is worth zero, I do not know. As we all know the airline is healthy, but I can see that the tour operator and airline will be radically different in2020.