Thank you.
These observations on the government support programs for the Canadian financial sector and on the finances of individual consumers lead us to offer three recommendations.
In order to help build consumer confidence, we recommend that the Government of Canada take care to ensure that the criteria and rules for its aid programs for the Canadian financial sector are clearly understood by all stakeholders within the financial industry, within business, and among consumers. This will allow for a well-informed discussion.
Secondly, we recommend that the Government of Canada ensure that the accountability mechanisms for financial institutions include criteria for lenders' responsibility in judging borrowers' creditworthiness.
Lastly, in light of its enhanced role in maintenance of the financial sector's stability, we recommend that the government undertake an immediate review of the Canada Deposit Insurance Corporation, CDIC, and its ability to fulfill its mandate to protect the savings of Canadians in the event of insolvency of a financial institution and that the government make public the results of its review.
Thank you very much.