The bank's revenues typically exceed its expenses, with any excess revenue paid back to the Crown through an annual dividend after allowing for the bank's capital requirements. To maintain the effectiveness of the funding agreement framework, I have agreed to the bank's proposal to remove certain operating expenses from the scope of the funding agreement which are difficult to predict or commercial in nature. Excluding these activities is not expected to materially impact the operating expense numbers above. A statement of expenditure under each of these items will be reported in the bank's annual report. It's worth noting that Treasury is supportive of the substantial uplift in the bank's resourcing, and particularly of the bank's intent to increase its financial supervisory capability. In assessing the bank's proposal, the advice given to me by Treasury noted that capacity constraints across the public system exist. The bank has assured me its plans are feasible, that it will draw on a number of recruitment strategies to support its FTE growth, and that it will take an all-of-Government approach to its IT investment strategy. 