Thank you, Governor.
You are asking for a fairly significant change—what appears to be a fairly significant increase in powers—under part 10 of this bill, and I'd like some clarification from you as to some differences in drafting in it.
Proposed paragraph 18(g) in subclause 146(1) of Bill C-50 says you need this “for the purposes of...promoting the stability of the Canadian financial system”. Then further on, in clause 147, proposed section 19 says “unusual stress on a financial market or the financial system”. Is there a difference between a “financial market” and the “financial system”?
Why is the modifier “Canadian” in front of the initial phrase, “Canadian financial system”, and not in the other? This would lead one to conclude that it's not limited to Canadian, that it may well be strains on the international market or international system. I wonder whether you could enlighten the committee as to whether this is a distinction without a difference or is actually of some significance.
The second question, which follows from that, is this. You've put about $10 billion into the system in increased liquidity in the last few months. What is it that this increase in powers enables you to do that you haven't been able to do thus far?