What concerns us is the state of the Canadian economy. Yes, the commercial paper situation is a factor, but there is also the issue of the U.S. market as a whole. Will the demand for Canadian products remain stable? There are a number of economic concerns. I do not think that we can blame everything on commercial paper. Obviously, it is of concern. Those who have invested in commercial paper have reason to be concerned. However, you have to look at the whole picture. Energy costs have risen and the Canadian dollar has rapidly appreciated. Furthermore, if we are to believe all that we read, the U.S. economy will probably slow down. It is the combination of all of these factors that is worrying.
On April 2nd, 2008. See this statement in context.