You were right in saying earlier that if ever there were an international tax on financial institutions, this should not be left in the hands of a government, because the money could very well no longer be available when needed. The two parties dipped into the banks like that.
You also mentioned that with regard to the monetary policy, there are monetary policy instruments. We sometimes get the impression that the government of Canada never intervened with the chartered banks. It nevertheless remains that, in your statement as governor of the Bank of Canada, there is an increase in government securities. You used a number of repo transactions, in particular Canada Mortgage and Housing Corporation, CMHC, securities. Are we to believe that these mortgage holdings are problem-free, that their valuation is good and that there will be no backlash in the short term?
That is my first question, and I will then follow up with another one.