Well, part of what we look at when we look at Canadian bank exposure is not just at the direct link to the European system but, as you suggest, the second-order effects. In other words, what is the impact on the U.S. and therefore what is the impact back into Canada?
There is not a significant exposure of the U.S. system to Greece per se. I think we all need to remember that Greece is very important for the Greek people, but it is 1.5% of the European economy. So the scale of the issue in Greece, from a global perspective, is quite modest. More important, from a global perspective—and it's more important for some institutions than others—is that it's an important indicator of how well the overall process is being managed to solve a range of issues within Europe. We would suggest that.
In terms of the health of the Canadian banking system as a whole, I think we're all aware of the experience in 2008-09 and how well our system performed. Since those years, the liquidity position of Canadian financial institutions has dramatically improved; in other words, they're much more liquid than they were then, at a time of a liquidity crisis. So they're in even better shape now, and this has more than doubled, in terms of the overall liquidity position. The capital position of the Canadian banks has further improved and, in addition, their risk management—which was strong in our opinion and, I believe, in the opinion of the superintendent—has further improved, because we've been going through stress tests and other analysis of these exact types of situations.
We can never be complacent about these issues, and we will stand ready to do what's necessary to keep the system functioning. The system has strengthened at a time when maybe some of that strength might be called upon because of global events.