First, I will continue with my answer to your first question. Clearly, the system is very complex, but it is also clear that the objective of each party within it is to compete with the others. So I think there is a very good level of competition among the issuers of credit cards. On one hand, there are millions of credit cards available to consumers, and on the other, there is competition among the acquirers, for example.
I will just clarify it for the committee because this is a frequently asked question. On the Bank of Canada interest rate, it has a very, very small impact on the overall cost of funds of any bank. It is less than 1%. It is an overnight clearing rate for banks. On that point, there is sometimes a bit of a misconception about exactly what the Bank of Canada rate is.
As I mentioned, there is obviously a huge choice of credit cards in the marketplace, where you can get low interest rates, you can get rates tied to prime, etc. But the fact is a credit card is an unsecured card that has a lot of risk involved. Unfortunately, as we see in today's environment—and we've certainly seen that recently—the risks are rising, and therefore the issuers must respond to that risk for the benefit of being able to provide cards for the entirety of their customers.