Thank you, Mr. Chair.
Thank you for coming this morning, Mr. O'Connell, and for your presentation.
I have two quick follow-ups before I get into a couple of questions. In your opening statement you say...and I'm quoting from what you have here. It's why I think there's a little bit of confusion. You say in one paragraph that you do not charge fees to merchants or consumers, and then two paragraphs later you say that you have a record of being Canadian merchants' low-cost payment option.
So there's some confusion. When I heard that, I thought, well, didn't you just tell us that you're not...? You actually do charge a fee to the acquirer, they bundle it together with all their other fees, and they do charge the merchants for it. Eventually, it gets to them. It's a flat fee, and I understand that, and I understand why. This is just a clarification.
I'm not sure if Mr. McTeague was on that route or not, but one of my initial questions was this. You're clearly not here to say we should keep competition out of the marketplace. Is it your opinion and your organization's opinion that Visa Debit and Debit MasterCard are coming to Canada regardless? Would that be your opinion?