Thank you, Mr. Chairman, and Mr. McKay.
I agree that this is exactly the risk ultimately that presents itself to the Bank of Canada when powers are expanded quite liberally and open-endedly the way they are.
I confess to some hesitance about saying so, because it is very important that an institution like the bank, like a monetary authority, should have the discretion it needs to respond to suddenly changing or quickly changing market conditions, but it is a power that must be used with extreme timidity. We should be very nervous about the prospect of a central bank bailing out institutions. We should be nervous about reducing the power or reducing the ability of legislation to construct a barrier between those pressures and the minister.
So that is why, in looking for a middle ground in the act, I suggested something along the lines of slowing down the process so that the bank isn't pushed hurriedly into doing things it might not otherwise like to do.