Thank you very much.
And thank you very much, all four of you, for being here.
I'm afraid I'm going to have to go back to you, Mr. Bethlenfalvy.
There have been, of course, a number of questions already this morning. We're trying to ask specific questions about the non-bank ABCP that we started to see problems with in 2007. But the answers we're getting are not specific. The answer we're hearing is the global financial crisis.
We had a question about TD Bank in particular, about Ed Clark and Don Drummond both having said that they looked at this stuff, didn't get it, and didn't buy into it. And your answer was, “Well, the TD Bank does ABCP”. There's a difference between the non-bank ABCP...there's a difference between the products out there generally and the specific batch that caused, and I would suggest continues to cause, considerable difficulty for an awful lot of people. So I would like more specific answers on the batch of non-bank ABCP that is actually at question.
I will repeat a little bit of what my colleague Mr. Mulcair focused on, and that is the credit quality. Your answer was the principles of diversification. Then the question was, “But you can't realize it. It's all bunched in. You can't realize on the specific creditors that form part of the larger securitization.”
I don't think it's just a question of not being able to realize; it's the underlying value of what was there. And you had an answer that had to do with liquidation value. So I would say that it's not just the fact that you can't realize on the individuals, but rather that the valuation underneath was clearly much less than anything that would have warranted a triple-A rating. Liquidation value—clearly much less than anything that would warrant a triple-A rating.
I have yet to hear anything from you today that suggests you wouldn't do the same thing all over again. I haven't heard yet anything that suggests that “we actually made a mistake”. I would really like to hear from you a more specific answer, not general global crisis. What on earth possessed you to give a triple-A rating to that non-bank ABCP that so clearly did not have that underlying value?