We're also applying a globally consistent approach to Know Your Customer regulations, and all group affiliates are therefore now required to complete due diligence on any other HSBC affiliates with which they have a correspondent banking relationship. We're developing a global risk filter which will standardize which countries are viewed as high risk, and this will become the sixth filter. And we are putting in place a global sanctions policy which will mean that we'll be screening for all illicit actors designated by the Office of Foreign Assets Control in all jurisdictions and in all currencies. We are committed to doing whatever it takes to make sure that the organization is able to detect and prevent unacceptable behavior.

Before moving on, please, can I draw your attention to the cautionary slide on forward-looking statements, and I'll now turn to the first half results. Reported profit before tax was USD 12.7 billion, up 11% compared to the first half of 2011. Our underlying profit before tax at $10.6 billion was down around USD 400 million, reflecting a number of notable items, including U.K. customer redress at $1.3 billion and $700 billion of provisions to U.S. law enforcement and regulatory matters.

First and foremost though, the most important thing I want to highlight in these numbers is that we have generated revenue growth. Underlying revenues are up 4%. We have top line revenue growth. We've also continued to simplify and restructure the business with 19 transactions announced this January 2012 to sell or dispose nonstrategic businesses and investments, bringing the total since the start of 2011 to 36. These transactions release about $55 billion in risk-weighted assets. These disposals are also making HSBC easier to manage and control and so too is the organizational effects in this program.

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