First of all, as I indicated, we cut our key interest rate by 350 basis points, whereas bank's preferred rates were reduced by 325 basis points. As well, mortgage rates here in Canada are lower than elsewhere. Our variable mortgage rates are unlike those in other major countries.
With regard to the banking situation, first of all, as we have indicated, we are providing an exceptional amount of liquidity. Second, we are trying to influence banks [Editor's Note: Inaudible] rate, as the market has requested.
At present, Canadian banks are well capitalized. This represents costs for them. In our view, it would be timely to reduce that ratio, given the current situation. There are great opportunities for the banks.
We are trying to influence them. Here, in Canada, our monetary policy remains effective. Unfortunately, that is not the case in other major countries.