Thank you very much, Mr. Carrier.
Indeed, the bank already published an article on rating agencies in the Financial System Review, in December 2007 or June 2008. A small number of rating agencies operate internationally. They provide an opinion, and, for us, it is important that this opinion be clear. The rating agency simply provides an opinion based on an analysis. As far as the asset-backed commercial paper crisis is concerned, investors gave far too much weight to the rating agencies and, to some extent, did not do their homework. Investors have a responsibility to understand what they're buying and to ask questions about transparency. With respect to a situation of conflict of interest, the rating agencies need to maintain their reputation with investors, because although they are paid by the securities issuers, they will not get paid for nothing if they do not do what is deemed to be useful work, because the investors will no longer consider the opinion given by such rating agencies. I think that the rating agencies have a good incentive. Indeed, they have responded to the criticism levelled by investors, they have changed the way they do things.
Is there need for regulation? The Financial Stability Forum has made recommendations along that line for the international scene. There are some clearly different opinions, but a consensus does appear to be forming. I do not think that we will necessarily be looking to a regulation of rating agencies, but there certainly is talk about an international securities commission organization, which will establish a code of conduct for the rating agencies.