Thank you, Mr. Chairman.
Thank you. Mr. Menzies would no doubt have liked to have a different answer, but you answered that a single securities commission wouldn't be entirely effective, with regard, among other things, to the purchase of commercial paper in Quebec. From what I understand, you came out in favour of a single securities commission, but for other reasons. You no doubt know as well that there is virtual unanimity on this issue in Quebec. For reasons of constitutional jurisdiction, among other things, the Government of Quebec is opposed to the idea. Whatever the case may be, that didn't prevent the massive purchase of commercial paper, particularly by the Caisse de dépôt et placement. Based on Mr. Drummond's remarks, one might well believe that that was more the result of a lack of clear-sightedness, prudence, on the part of officials and investors. It is also possible that other interests were at stake. We don't yet know the reason, but we hope to discover it.
Mr. Drummond, you said earlier that, at that point, it was entirely clear in your mind that buying asset-backed commercial paper was really too risky and that you naturally avoided, as it were, venturing into that. However, did you share your view of the situation, which you found obvious? When the attraction to commercial paper appeared, did TD Bank warn its clients, generally speaking? Did it explain to them why it was not touching those products?