The UK fully supports the introduction of a reliable supply of fuel cycle services and is co-operating with the US and other partners to develop workable ideas. The International Atomic Energy Agency (IAEA) has the competence to administer such a mechanism and the US will soon submit a joint proposal to them, supported by the UK, to take this work forward. We believe that, in case of market disruption, the Agency could broker a new fuel supply agreement between a state and an alternate supplier. Suppliers, and their Governments, could give an undertaking to provide a back-up if relevant non-proliferation criteria were met. As a last resort, the Agency could make supplies available from a multilateral reserve of uranium, contributed by states with spare material. We look forward to engaging in further discussions and consultations on these issues at the IAEA in Vienna.