The moral suasion of the governor of the Bank of Canada is another instrument of the monetary policy. It is as old as time. Last week, for example, it had been predicted that you were going to be announcing something. For the banks, the rate is perhaps also a way for them of knowing if they can make a move. We have seen mortgage rates, for example, rise considerably. There is also the tightening that SMEs are facing.
Based on what you have said, you are reviewing the availability of capital for SMEs. I once again come back to my pet peeve. When there are housing starts, obviously supported by mortgages, when SMEs are finally getting their heads above water and are requiring capital to increase their investments and renew their cash flow, with the government all the while not offering loan guarantees, the rates go up. Is this a vice they are caught in?