First of all, the evidence is not there that Canada has a housing bubble. In fact, the evidence with respect to affordability of mortgages in Canada is solid, and we have a stable market. It's a long, long stretch to compare our housing market with that of Ireland, where the banks were lending money 100% on properties, including second properties. It's a far cry from the Canadian mortgage system.
As you know, we tightened up the provisions with respect to lending on high-ratio mortgages in 2008 and again this year in 2010. Both times those measures, as well as market forces, of course, have had the kind of impact we wanted them to have; that is, a moderation on demand in the housing sector in Canada. In fact, we've seen that moderating demand this year in 2010.
My view is that we have the FISC committee that performs the functions of a financial stability committee. As I mentioned, I think it's a good question whether or not CMHC should join that committee or not, and I welcome your advice on that.