A&L is obviously looking for some tie-up to secure its long-term future, ... but it's much more difficult to see how that will be achieved.

Usually, when mergers fail, egos are involved.

This isn't the big one. They have made a statement that they won't sell the [Royal Bank] stake, so you have to ask what they are going to do with it.

We didn't have a feel of where to make a commitment to a second home. The thing that was attractive to us about [Signature Destinations] was the concept of the regional hub.

Even though governments have been attacking tobacco companies, there's still a hard core of smokers.

They won't want to be taken over by a much smaller bank,