One of the important principles underlying the extraordinary financing framework is that the risk to the taxpayer is to be controlled and minimized. As we were discussing, in the insured mortgage purchase program, there isn't an additional risk posed to the taxpayer other than the risk that is already there through the operation of mortgage insurance, either by Canada Mortgage and Housing Corporation or the private insurers.
As for what protection the taxpayer has, because the taxpayer, as you've pointed out, is exposed as the proprietor of Canada Mortgage and Housing Corporation, it is the underwriting practices of Canada Mortgage and Housing Corporation, it is the fees they receive for insuring, and it is the reserves they have established, all of which are substantial.
The Bank of Canada facilities are secured lending facilities or repurchase facilities, whereby a financial institution can receive cash and post collateral, effectively, although some of them are done on a purchase basis, and they can borrow only a fraction of the value of the collateral posted. The difference between the value of the collateral and the amount you can take away is called the “haircut”, and the haircuts are established so as to protect the bank, and then the Bank of Canada and the taxpayer as the proprietor of the Bank of Canada, against the potential losses through the default of the borrower. If the borrower is unable to repay, the Bank of Canada would take the collateral. The collateral is worth more than the underlying loan, so this is the protection for the taxpayer.
When we--