Mr. Laforest, there is no doubt that, in retrospect, there were risks associated with these products. There was the credit risk and the liquidity risk. The liquidity risk was underestimated. One of the main reasons was the liquidity clauses, which have generated a great deal of discussion. These clauses were the same ones that appear in Canadian bank trusts, as well as in other trusts.
In early August, when Canadian banks were called on to inject liquidity into their trusts, they did so. When non-Canadian banks were asked to do so, they had not yet done so. And many of them did—