There are a couple of very important megatrends that are affecting the European Asset Bank lending market. The first one is bank deleveraging and that's coming in two forms. One is an increase in banks capital requirements due to increased regulation. And the second one is an actual reduction in the bank's balance sheet sizes in general, because essentially the European banking sector is very large as a percentage of GDP, certainly compared to other developed markets. This is creating a couple of quite interesting opportunities for asset backed investors. One is around financing the assets that the banks are looking to either offload or reduce lending to within certain sectors. And the second one is around that capital requirement, which is the significant risk transfer market. So that exists as a means of banks gaining capital in certain parts of their balance sheet. The second key megatrend is around technology. And this is really around the growth of the non-bank lending sector and also new banks entering the market. And this is the use of technology both in terms of improving and making underwriting more efficient, but also technology in terms of the types of products that these new banks are able to offer consumers and corporates. And obviously, for us as asset backed lenders, these new banks and lenders require finance. And that's obviously something that we're -very interested in looking at providing. -There's three main reasons why we see the growth of asset lending opportunities in Europe. For one, European bank deleveraging has plenty of room to run. Since the crisis, we've seen banks ration capital in order to meet onerous capital requirements. It's also meant exiting or hedging against capital intensive businesses. Now, with ball and game on the horizon, we think this will further incentivise banks to deleverage their balance sheets. In turn, this is going to open up a lot of opportunity for investors to access core parts of bank lending books. Secondly, Europe's private capital markets are a less advanced stage than they are in the US. In Europe, retail banks still dominate much of consumer and corporate lending. While we've seen the entrance of non-bank lenders and speciality finance lenders, this is a much less advanced stage than we see in the US. In turn, with banks stepping back from these lending segments. This will offer up opportunities to finance these non-bank platforms in order for them to originate product. Thirdly, European markets are less mind than they are in the US. By this, we mean that we face less competition when sourcing asset backed -lending opportunities in Europe. -We think there's five key areas of interest within the asset backed lending market in Europe. The first one relates to consumer finance areas such as residential mortgages, credit cards and other consumer loans. The second area is around Clos, which are essentially the financing of loans to private companies, and the other areas are both consumer and corporate speciality finance, which is the financing of private assets within the consumer and corporate space, and also significant risk transfer transactions, which are essentially providing a new capital source to banks in return for providing risk protection on certain parts of their balance sheet. Essentially, asset backed learning opportunities offer strong diversification potential for many investors portfolios. Not only that, they offer access to assets that are not typically found in many investor portfolios. Returns are also typically higher in our view. Also, the supply outlook is very positive with European asset backed lending offer very rich opportunities for investors.