three gains) from regulatory income. Providing such a statement would enable us to meet our primary objective of providing transparency to a wide range of users of financial statements (as reflected in Net Profit after Tax). At the same time, we recognise the needs of regulators and thus the statement would provide them with information that they require to meet their financial stability objectives. Prudential supervisors could use this statement as a basis for imposing relevant restrictions on distributions or compensation. The IASB is also working to publish a hedging proposal in the middle of this year. Our objective is to establish a more principles-based approach that better reflects the economics of hedging transactions. To reflect the views of stakeholders in the proposals, IASB members and staff have undertaken numerous outreach visits with financial institutions, non-financial companies, and other interested parties. We are now working to ensure issues identified are addressed to the fullest extent possible. Finally, we are addressing a number of other issues related to financial instrument accounting that the G20, this Council, the Financial Stability Board, and the Basel Committee have raised. These include the recognition of gains and losses on changes in own credit risk and netting of derivative positions. On own credit, we are working to eliminate any gains or losses associated with changes in own credit from net income, unless they result from trading activities and can be monetised. On netting, we have begun discussing this issue with the FASB with a view to