Six hundred miles away, Tyrion Lannister is increasingly reconciled to life in Braavos. It is probably the best-run city in the world, one of the very few where the people look well-fed, and the streets aren't full of shit. Of course, it was no fun begging for a time. He was even tempted to take up the Queen's parting suggestion, and suck cocks for a living, until Tycho Nestoris, a senior manager at the Iron Bank found him. The man has subsequently provided him with a sum sufficient to find decent lodgings, and to indulge his two passions - wine and whores. Of course, nothing comes free in life. Nestoris has made plain that his patrons will require value for their money in due course. He will be happy to oblige. Bringing down the bitch of Dragonstone and her pathetic heir will be a pleasure. How many people are lucky enough to be paid for doing what they enjoy?

He belches with satisfaction as he enjoys his evening meal in Venier's Wine Rooms. A fine rack of lamb, seasoned with rosemary, garnished with rocket, and washed down with a full-bodied Dornish red. The slightly pungent flavour reminds him of the taste of Shae's cunt. Are you and father fucking each other in hell?

It really is time to pay a visit to the brothel. He pays the waiter, and waddles out of the tavern, cock already stiffening with anticipation. And runs straight into a detachment of the city guard. There is no escape.

"Your pardon, Signor Lannister, you are to accompany us, " says the leader.

"Why? What have I done?"

"My masters will inform you. Please follow."

"And if I say No."

"I would not recommend that course of action, Signore.'

What choice does he have? The men are lightly armed with short swords, but they do have the confident air of proficient killers. They would make short work of him if he resisted. They lead him through the city centre, until they approach a narrow bridge crossing a wide canal and leading to a large island. He knows now where he is headed, and is not at all happy. The Sealord's Palace! Sinister tales abound of people taken there for questioning who never return. Well-run though Braavos is, its secret police force is feared the world over. The guards take him into a magnificent atrium, and then through a plain door, leading to a small ante chamber. Opposite the first door is another, upon which the leader knocks three times. The door opens, and the man enters. Tyrion is left with the guards, and a striking blonde woman in early middle age. She wears a navy damask robe without adornment, but beautifully cut. She rises from her seat, and seems to glide towards him, holding out her hand, and smiling. He notices that she wears no jewellery, other than a plain gold wedding band, and a signet ring. He has learned that the elite of Braavos frown on overt displays of wealth. She must be very wealthy indeed.

She addresses him in Common. "My lord, welcome. I am Cithrin Bel Sarcour, a Magistra of the Iron Bank. You would say, a Director.

He wonders what she looks like when disrobed, but remembers his manners in time "Madame, the pleasure is mine." Then, curiosity wins out over manners. "Pardon me for asking, but is it not unusual for a woman to hold such an office?"

"Your country is ruled by a Queen. Nevertheless, it must seem strange to you. The Iron Bank is not a typical institution. It judges its employees solely by their results, not their status. It likes my results, a lot. Come, we are summoned" as the door opens.

They enter a plain dark room, lit by candles. The heart of the Serene Republic. Facing them is a long table. On one side, sit the Sealord, his secretary, and six robed and masked men; the Council of Six, charged with the security of the city. On the other side, are two chairs. Cithrin curtseys to the Sealord, and following her example, Tyrion bows.

The Sealord speaks "Magistra, Signore, be seated."

The Sealord is a lean, elderly man, with a short white beard. He immediately addresses Tyrion "You are an embarrassment to us. We grant asylum to foreign nationals upon the understanding that they play no further part in the politics of their home countries. Yet, already, we find you engaged in an intrigue with a senior official of the Iron Bank. We do not take the Dragon Queen lightly. We are surprised that you should do so, in view of the circumstances in which she dismissed you from her Realm. We presume that you have no wish for us to return you to her Realm?"

Tyrion's guts churn at the prospect of what awaits him should he return. "Your Excellency, I was penniless. Master Nestoris offered to get me back on my feet."

Cithrin speaks, "Excellency, Master Nestoris is in contact with our friends in the North. However, he ought to have first reported his dealings with Signor Lannister to me, so that I might discuss them with your Excellency. He did not, before replying to our friends, and he will be disciplined."

"You are responsible for the actions of your employees, Magistra. The Council will fine you heavily for this." The Magistra bows her head in acknowledgement.

The Sealord turns back to Tyrion "It is fortunate for you that you can still be of service to us. We have questions for you, regarding the Queen. We advise you to answer them honestly. At least one of the Councillors in this room, has studied in the House of Black and White. We will therefore know if you are not telling the truth. Offend us in this, and we shall return you to Dragonstone. Now, during your time as her Hand, did the Queen ever threaten Braavos?"

"Never in so many words, your Excellency. I believe that her ambitions do not lie in this part of the world. However, she frequently expressed hostility towards the Iron Bank. "

"Why?"

"Before I became her Hand, she applied for a loan from the Bank, in Meereen, when she was hard-pressed by rebellion. The Bank turned her down. Subsequently, she learned that the Bank had been funding my sister, when she held the Iron Throne, as well as the pretender, Stannis Baratheon. She came to see the Bank as an enemy."

"Magistra, kindly outline the history of the Bank's dealings with the Queen." "

"Signor Lannister is correct. Some years ago, in Meereen, she sought a loan from the Bank. At the time, I urged acceptance of the application. My colleagues disagreed. My influence in the Bank was less then".

"Why did your colleagues refuse?"

"They concluded that her activities were bad for trade. The Serene Republic is, of course, a free state, but we have loans and investments across the world, including those States where slavery is practised. When she destroyed the Masters, she destroyed their ability to repay their debts to the Bank. She disrupted trade, much of which is carried in the Republic's ships, financed and insured by the Bank."

"So, why did you favour the loan?"

"The best reason of all. I concluded that she was likely to defeat her enemies in the East. Therefore, it would be wise to conciliate her. She did defeat her enemies, but she prohibits us from operating in Meereen. The Meereenese economy now flourishes, but we are denied access. Even if she were inclined to forgive us for this, she knows that we funded her enemies in Westeros. We did of course, have no political commitment to her enemies; this was simply a matter of business, and we made an immense profit when Queen Cersei repaid her debt. We would happily do business with the Queen, but she has rejected all overtures from ourselves. It is a difference in philosophical outlook. But, there is worse. When she took Kings Landing, she destroyed property and goods which belonged to ourselves and to our clients. We bear no ill will for this. Property is destroyed during wars, but we expect compensation for our and our clients' losses. She refuses. We consider such behaviour to be both dishonourable and insulting."

"She has immense armies to maintain", interjects Tyrion. "Yes, there are revenues from Meereen, but Westeros is exhausted. It will take years before revenue recovers. Where is she obtaining funds from? "

"In large part, from the property of her enemies. But, the Bank of Tyrosh are providing her with credit. In return, they will exclude us from commercial activity in Westeros as well as Meereen. It is a problem for us. In time, the Tyroshi may even eclipse us."

"But, Tyrosh is a slave state" exclaims Tyrion. "They must hate her."

"Pecunia non olet. They have the opportunity to profit at our expense."

"Which makes it in turn, a problem for our Republic" responds the Sealord. " It would therefore seem desirable to us, that there should be a change of government in Westeros. Our friends in the North are seeking a substantial loan, are they not, Magistra?"

"They are, Excellency They would hire sellswords, freeriders, sellsails, and would purchase armaments, in vast quantities. In return, they offer an extremely lucrative monopoly on trade from White Harbour, including wood, pitch, furs, and amber. There are also valuable deposits of iron and tin ore. The North is potentially a treasure house, if only it were properly exploited."

"Colonised, you mean? "interjects Tyrion.

"We would not use that term" replies the Magistra. "It is immaterial to us who governs from Winterfell, or White Harbour, so long as they are …...malleable."

"So, Signore, " the Sealord now addresses Tyrion. "We require your judgement on this matter. Your *honest* judgement."

Tyrion chooses his words with care. "As you know, I hate the Queen; I hate her heir, I hate Lady Arya. My natural inclination is that you bring them fire and blood. But, I have seen what dragonfire can do. I don't think I will ever forget what took place at Kings Landing that day. She destroyed a fleet, an army, and a city. Braavos is not so far from Dragonstone that she could not bring the same horrors to your own city. Worse still, she has a seasoned army, and the lords and ladies of Westeros fear her. You will not easily persuade them to defy her. I am however, heartened by your news from the North. I will not ask who your friends are - I presume it would be unethical for the Bank to reveal the identity of its clients - but if they are who I think they are, they will be most loyal allies to you. What is more, they will have allies in the Riverlands and the Vale who will side with them, when the time comes to strike. I would not strike prematurely, but I would fund them, so that they can build up their strength. I would seek allies among those of the Free Cities that fear the Queen's ambitions. Not Tyrosh obviously, but Volantis must fear expansion from Meereenm and perhaps, revolution among its own slaves. I would beware the Lady Arya. She has trained at the House of Black and White, and will be wise to the ways of your assassins. In short, prepare to strike, but only when you are sure of the forces at your disposal."

"That has been most helpful. Thank you" concludes the Sealord. "You may remain in our city, for now. You will report to the Magistra from now on. She will provide you with an allowance"

Notes: 1. Braavos is based on the Serene Republic of Venice, which lasted until 1797. The Council of Six was the main executive body of the State. Venice was notorious for the efficiency of its secret police and spies. 2. Pecunia non Olet "Money has no smell." A saying attributed to Vespasian when he introduced a tax on urinals. 3. Cithrin Bel Sarcour is a brilliant, if corrupt, banker in Daniel Abrahams' Dagger and Coin quartet aged 18 -23. I brought her into this story, imagining her in her mid thirties (which would be early middle age in a medieval society). The Iron Bank strikes me as the kind of institution which would have no objection to a woman holding a senior position, provided she made them money. An outstanding financier, with perfect manners, she tends to be a bit obtuse when it comes to understanding human nature. 4. "Our Friends in the North" was a phrase coined by BOSS to describe their counterparts who worked for Ian Smith's government, in Rhodesia.