Dr DEBORAH RUSSELL (Labour—New Lynn): Thank you, Madam Speaker. Thank you for the opportunity to take this call. I just want to address something that was raised by one of the previous speakers around what would happen if the initial auction failed. Now, this is a concern that was raised by various submitters to the bill. They felt that if insufficient bids were made at a price above this secret reserve price, then the entire auction would fail, and it would create a number of problems. One of the problems was that if people were pretty keen to get hold of some emissions units, they might not be able to succeed, and then they would be driven to the secondary market in order to perhaps pay an even higher price set there. I would like to suggest that if people are very aware that they need some units and are, as it were, desperate to get some, they might already have been participating in the secondary market anyway, and in that case, in ordinary market conditions, they would be perhaps putting in a higher bid at the first auction to ensure that they do get hold of the credits they need. That's the first protection there—just an ordinary functioning of the market.