Thank you, Mr. Chair, and thank you, Governor and Mr. Macklem, for appearing before us today.
There's been a lot of concern in Canada, fuelled by media speculation, about the comparison of the bail-in provisions in the most recent budget and those imposed in Cyprus. I think to reassure parliamentarians and Canadians, it would be helpful if you would define what the differences are, both in terms of the design of the proposed bail-in provisions here versus Cyprus and also the obvious differences between our banking systems.