Mr. Mulcair, you have focussed on a very important question. Bank costs have increased, but there remains a spread for most banking products, with the exception of mortgages. My numbers are somewhat different, but you are absolutely right.
It is somewhat difficult to explain, but there a few factors at play. First of all, securitized mortgage markets bring about worldwide problems. These markets are not always rational because the majority of Canadian bonds, indeed more than 85% of them, are guaranteed by the Government of Canada. There is nevertheless an increase in the spread. That is the first reason.
The second reason is that there now exists an excess supply of mortgages on large banks' balance sheets. Why? It is possible that the cause of that might be the size of CMHC's bonds programs. That is an important issue and I wish....