Thank you, Chair.
On federally regulated pension plans, anecdotally and evidentially my recollection is that something in the order of at least 50% of them aren't meeting OSFI standards. Can you give us, in general terms, an analysis of the state of pension plans that are federally regulated?
Secondarily, part of the problem has to do with their reserves, what reserves they need to set aside in order to fund, and it's all based on ratios, which only actuaries and accountants actually understand. Is there any movement afoot to deal with those ratios and lessen that burden in order that more plans can be brought into compliance?