Thank you, Mr. Chair.
As you can see, we have only a very short time.
Hello everyone. I would first like to commend Mr. Phillips, who gave an excellent presentation on the state of credit services for members of credit unions. I have always been a member of a credit union, on principle. Credit unions have investment programs, investment trusts.
Personally, I was indirectly affected by this, since I had investments in credit unions, and the infamous ABCP did not perform well. That is why I will immediately move on to Mr. Bethlenfalvy, and I would like to address the question of the ABCP that was rated by his credit rating agency.
I have already asked Bank of Canada representatives who controlled the rating agencies. I came to the conclusion that no one was exercising control over the rating agencies. I was told that the need to have a good reputation forced them to do a good job.
Concerning how you bill your clients, since that is how you operate, if I understand correctly, you charge a flat fee to those who need a rating. Can you tell me if the flat fee is the same every time you are asked for a rating or is each case different? Thus, in the case of ABCP, could the cost have been higher because there was greater risk or because it was more complicated?