I do not agree with that argument. My hon. Friend is looking at the matter from the perspective of the 1986 Act. He is not taking into account the new powers that the Bill confers on the building societies. In the course of time, the building societies will have been able to avail themselves of the additional powers that the Bill provides. Having done that, they will not be at a disadvantage compared with organisations that have been operating under the Banking Act 1987 for a long time. They will have operated under the new building societies legislation that we are discussing. That will give them the greater powers that they require and, having had those powers for as long as they consider necessary, they will be able to make the decision to convert.