Certainly a good point you make Peter. I believe my colleague...

Certainly a good point you make Peter. I believe my colleague may have been getting his confidence based on the fact that when FSA give a range, they tend to be somewhat conservative and the actual result tends to be at the high end of the range. His thinking was 18 to 25 per cent will probably turn out to be 23 or 24 per cent. Time will tell if he is right. He is certainly confident that if it gets to 24 per cent there will be growth. This seems to be supported by your calculation that at least 20.7 per cent is required to match last years profit.

Interesting the last three financial years show a ROE of 15, 19 and 22 per cent last financial year . Onwards and upwards hopefully.