Thank you, Mr. Chair.
Good morning, Mr. Duguay.
We are experiencing an economic crisis that began with a financial crisis. I wish to discuss, among a few other things, the Caisse de dépôt et placement du Québec, which has suffered colossal losses. In Quebec, these losses have been the only thing people are talking about for the last two weeks. One of the factors that led to these losses was the purchase of commercial paper by the Caisse. Of course, one cannot know everything that really happened. Many people bought commercial paper and were relying on ratings issued by special agencies such as the DBRS, and various other securities rating agencies. We do know that many types of commercial paper were given a high rating. All of this looks like a scam. People were told that this paper would yield a good return. Some people were perhaps too gullible in believing this, but the agencies do nonetheless share part of the responsibility.
What kind of assessment does the Bank of Canada give these ratings agencies?