Thank you, Mr. Carney, for being here with us.
As I was reviewing your most recent report, I noticed on page 17, in table 2, the change that has occurred between the Bank of Canada's overnight rate and the prime rate. It's been some time since the historical gap between the two was 1.75%.
I think we can all appreciate...Canadians can mostly appreciate, for those who have variable rates, the increase that occurred, that was experienced back in December of 2008, from 1.75% to 2%. I'd be interested in knowing your perspective on the implications of this change in this historical gap. What was the basis was for the change? I can speculate on it.
My real question has to do with whether or not there should be action taken to encourage financial institutions to return to that 1.75% gap and what implications that would have for Canadians.