That's a great question.
First of all, I would say at the outset, I know Canadians don't like to boast. I wouldn't boast too much about our Canadian banks, because who has a crystal ball better than mine? Who knows what's around the corner? One thing about banks: no risk, no bank. Banks take risks, including Canadian banks.
Number two, the Canadian banks had less leverage. As I mentioned before, partly due to regulatory involvement and I think because of our conservative risk culture, the banks had less leverage. The U.S. has a system of massive leverage. The financial institutions are levered one times to their GDP, over $14 trillion. The U.K. banks, in particular...their banking system has 450% of GDP. Iceland has nine times; Ireland, six times. The problem is going to be massive in western Europe, for a number of reasons, partly because of the leverage.
So on a relative basis, I think less leverage and more prudent risk management, going back to credit principles and not getting involved in a lot of toxic assets, helped the Canadian banking system. But I'd be careful to boast too much, because we still are in unchartered waters.