Thank you, Mr. Chair.
Thank you, gentlemen, for coming.
I stand by my suggestion that it is good to bring financial experts after or with the Parliamentary Budget Officer. I stand by that. I think it is very helpful to get a broad brush from you folks, who are dealing with it every day.
Once again, thank you for coming, and thank you to Mr. McCallum for agreeing to my great suggestion.
I wanted to follow up on where I was going with Mr. Page yesterday, but some of my colleagues have brought up the non-bank asset-backed commercial paper. We saw some of the worst outcomes of the lack of what I would suggest is common securities regulation in this country at the caisses in Quebec. Yet Quebec seems to be the major push-back--albeit my home province of Alberta is still struggling with the issue.
Can I have your comments, very quickly? I think you're probably all on the record on this. I'm not going to ask you to suggest whether or not the asset-backed commercial paper debacle would have been prevented, but is there a potential that a common securities regulator may help prevent something such as this in the future?
That's to whoever wants to answer.
It looks like all four of you are ready to answer.