Thank you, Mr. Chairman.
Ms. Dickson, as far as asset-backed commercial paper in Canada is concerned, do you agree that, beyond the financial crisis, we came close to a major economic catastrophe because of the lack of control at each stage of securitization? When securitization was created, a process whereby many financial products containing good and rotten apples are bundled together, this is what led to the major catastrophe we are experiencing today. How should the system be changed so that this type of situation does not happen again?
Let me give you a concrete example I am familiar with. A bank sells one of these products, knowing full well that this product is not reliable, to people who have short-term needs, but who, three days later, will have lost $20 million.
What has to be done so this type of situation does not happen again? What has to be done at each stage of the process by the credit rating agencies, by your organization or others, including the Bank of Canada, so that does not happen again? What is your position on this?