I said that the modalities are very important, and depending on the type of modality which will be adopted, there could be a completely different impact. "Greatly disturb" would apply when all deficits come before everyone else. I am actuary, not a banker. Bankers who would be subject to this rule would come to me and say: "Mr. Charbonneau, we have a report indicating that it was $1 billion last year. Is that the only thing that would come before me? I would reply that, on the contrary, the margin of safety and the 5% or 10% do not provide total protection. I will look at the risks which underlie the $1 billion, and it could suddenly go from $1 billion to $4 billion and then $14 billion. In that case, would a banker say that "it greatly affects my financing"? I believe so. However, if you adopt a more moderate framework by saying that these are solvency payments based on the most recent actuarial evaluation, it would change the situation. In that case, if the report says $2 million a month, that would come first. If he goes bankrupt eight months later, $16 million would come first. So it would depend on how you create the rules, but there is the potential that this might have a major impact.
On March 16th, 2010. See this statement in context.