I will make one point of clarification: the adjustments in rates have not been to the prime rate, but to the fixed rate mortgages of the banks, and what's relevant for the fixed rate mortgages for the banks is the funding costs fixed for the institutions.
Over the course of the last several weeks, those funding costs have gone up, for two reasons.
First, five-year government bond rates, the same as the mortgage horizon, have gone up about 40 basis points over that horizon. They've been coming off in the last few days with some market activity, but broadly speaking, that's what's happened. As well, the funding costs--the premium that banks pay above that--have risen about 15 to 20 basis points relative to that, so there has been an increase in funding costs, which gets flipped around and is passed through to the mortgage rate. We haven't seen this adjustment in prime.
Our responsibility, obviously, is to look at what people are actually paying and make a judgment of what that's going to do for their activity--and obviously inflation--and then adjust our rate relative to that.
One last point: we are obviously alert to any strains--which we do not see--in liquidity markets, as I discussed with Monsieur Paillé moments ago, or interbank markets, and to seeing whether there is a role for the bank to alleviate those strains and have an impact there as well. But as I said, we are not seeing that.