“But we're not relying on that stickiness. And I think that is an important point that Dermot mentioned. And so to the extent that we are -- we will harvest the benefits as we have them, but we definitely recognize that they could go down to the prior cycle those in percentage composition terms, and we're managing ourselves accordingly.”

In context

“the bottoms-up analysis. And through the last cycle, NIBs did bottom out at the 20% range. Currently, we're at -- we're still at around the 26% range. It stayed sticky. And I think our reason that you could ascribe to that is clients left cash with us in March because they just wanted to leave and use the safety and resilience of our balance sheet and just it stays there. And so, in our forward outlook in terms of why we reiterate the 20% guidance with the skew to the upside is, we expect that to moderate, not meaningfully, but in line with our projection and the work that we did at the beginning of the year. So we feel good about where it is at the moment. We feel good about the forecast. And it's been stickier in the past than we projected it to be is how I would answer it. Robin Vince: But we're not relying on that stickiness. And I think that is an important point that Dermot mentioned. And so to the extent that we are -- we will harvest the benefits as we have them, but we definitely recognize that they could go down to the prior cycle those in percentage composition terms, and we're managing ourselves accordingly. Brennan Hawken: That's very, very clear, all that color. Robin, you spoke to -- you actually said it very eloquently resiliency as a commercial attribute. In the past, you've spoken to the embedded position that Bank of New York has a counterparty. How are you thinking about utilizing that position and that commercial attribute of resiliency in order to drive revenue? Do you have any additional color or commentary that you can provide on how you've been thinking about that? Robin Vince: Sure. So look, we've been quite careful over the course of the events of March to help our clients and to welcome clients into the ecosystem, but we have not wanted to profit from the fact that there's been stress in the system. And so that's obviously an important line, and we participated, as you know, o”