The business segment that's working for banks

What impact has the continuing volatility had on your GTS business in Asia-Pacific during the past year
We are seeing new business acquisition increasing by 7% for the first few months of the year and as importantly the deal pipeline is up 6% -- our business is an annuity business that is not subject to lumpy episodic revenue, but to thousands of transactions across the region and products that underpin the business. We are very encouraged by the increase in new business, especially in our trade finance and export agency finance businesses.

Clearly, activity linked to episodic events such as issuer services around an IPO or cash escrow work around MAs have tailed off,...