Thank you, Chair.
Thank you, Mr. Carney, for coming, and I want to add my personal congratulations to your anticipated appointment.
Mr. Menzies has partly anticipated some of my questions with respect to asset-backed commercial paper, and I know you've been involved in all of those discussions in Montreal. You alluded, on page 5 of your reference, to your colleague, Pierre Duguay, talking about that the facility that would provide liquidity at terms longer than overnight, and you did in part respond to Mr. Menzies on that point. If in fact that is a change, is that a policy change, a regulatory change, or a legislative change? That's question number one.
The second question is this. If in fact it is implemented, is this simply in effect the Bank of Canada bailing out an institution that made poor financial decisions because you're changing monetary policy in order to respond to the turmoil in the market?
As my third question, is that turmoil in the market in part what precipitated the interest rate cut, and would you agree with Doug Pottier's statement from Nesbitt Burns? He said, “I think it was the ongoing turmoil in financial markets and the very real risk it's morphing into a macroeconomic event.” Would you agree with that statement?
And the fourth question is--