Let me go first to explain a few of my comments on the credit situation.
I think the uncertainty in U.S. credit markets is one of the reasons we're seeing a lot more volatility in the U.S. dollar that's also being reflected in the volatility of the Canadian exchange rate. So I think that's a part of this.
I'm hearing two things. Number one, companies exporting to the U.S. are finding that their customers are extending their time of payment. Many are over the 90-day usual terms of payment. Some are finding it more difficult to find the money for payment, particularly in sectors such as the automotive sector, consumer products, and housing. I think those are the three key markets in the U.S.
The second thing I'm hearing is that, of course, banks are a lot more willing to extend credit when cashflow is strong than when cashflow is weak. We've had a number of our members phone recently and say their lines of credit have been reduced and they're now being asked to pay back part of the outstanding line of credit, which is compounding some of the difficulty they're facing right now.