Building Trust in Treasury: Under-Promise and Over-Deliver with Jörg Pässler

That's purely centralization, Mike. Firstly, closing all those in country cash pools. There was a lot of inefficiencies in the way cash was managed and you now instantly had all the cash at a single bank, in a single bank account, every single day. You could take investment decisions quickly, you could take funding decisions quickly. And the other thing is, of course, is when you go to the CEO or to the board, I've always preferred the approach of under promising and over delivering rather than the other way around. I wasn't going to say I'll pay you back in two years if there was any risk to that. I personally looked at it and I felt that we could do it within a year. You don't want to promise a year and then it takes one and a half years? Yeah, I'd rather say two years and then deliver after a year. And that's how it really worked out. But it's truly just about efficiencies in managing the cash, having the cash, access to the cash every single day at 8 o' clock in the morning, rather than phoning around to every country trying to find out what cash you have in the group around the world.