The bank is a full-service central bank with a wide range of responsibilities, such as prudential supervision, monetary policy, lender of last resort and liquidity, and liquidity management. Whilst comparisons are not like for like, benchmarking against other central banks the bank's expenses are comparatively low. Expenditure under the new funding agreement would continue to be relatively low compared to other central banks. Compared to its 2019-20 budgeted baseline of $80 million, the average annual uplift of $46 million in operating expenses is split across three areas. For people, $20.7 million: fulltime-equivalent (FTE) numbers are planned to increase from 296 FTE in 2018-19 to 468 FTE in 2024-25. The majority of these staff will be assigned to improving our regulatory policy settings, undertaking additional research, and providing more intensive supervision and enhanced enforcement capabilities of regulated entities, as well as enhancing the bank's information technology capabilities. The second area is operational expenditure of $17.9 million. Investment focuses on modernising the bank's technological infrastructure and investment into banking services such as settlement systems and cash systems. And the third area is $7.4 million on assets. This is driven by depreciation of financial stability data system investments and depreciation of property and security system investments. 