On the first page of your document, you say that Canadian banks have managed to raise capital during this troubled period to support continued lending and to make up for some of the decline in the demand. You are drawing a comparison with what is happening elsewhere, specifically in the United States. You state that we are doing rather well, but I still feel that you are providing a rosy outlook. Credit conditions have tightened significantly in the past year for both consumers and businesses.
Don't you find this slightly contradictory? In the last paragraph of your statement, it reads, and I quote:
Investor and public confidence has been badly shaken, but will recover with the timely implementation of ambitious plans in some major countries to address toxic assets and recapitalize financial institutions.
If countries are recapitalizing their financial institutions, it is because their balance sheets have taken a huge hit. Are you excluding Canada from this trend?