When did we recommend changes? It depends on what “changes” are.
This problem began to surface on Friday of a long weekend, so we were meeting on the long weekend with the Bank of Canada and others. I think immediately steps started to be taken to find out who owned this asset-backed commercial paper, particularly among the institutions and pension funds we oversee. Starting on Tuesday, we were collecting as much information as we could.
I don't have the chronology in front of me, but the market drove a lot of the change for a few weeks in August. By “the market”, I mean investors and large banks, for example, which started to say that they were going to convert all the liquidity lines to global-style lines in an effort to ensure that everyone knew that investing in asset-backed commercial paper was okay. So some of it was market-driven.
We began last summer I think constantly talking to international regulators about the whole capital framework as it pertains to conduits and liquidity lines. I don't have the chronology in front of me, but it was there in such a big way that we were doing a lot, right from day one.