The investors who were investing in these products legally were relying on the conduit only. I think some of the ratings given to conduits may have implicitly taken account of the fact that the bank was a sponsor, but at the end of the day, perhaps not as much as it could have, because the paper issued by unregulated conduits was given the same kind of rating as paper issued by bank conduits.
What really mattered, at the end of the day, and what we saw, not only in Canada but around the world, was that if you were strong and were able to walk in and say, “Don't worry, I will look after you”, the investor was better off.