Thank you very much, Mr. Chair.
Thank you to our witnesses.
I want to follow up on the last question from Mr. Rankin with respect to the cost to the banks. One way or another, this was going to happen to the banks—either way. To say that the banks would have been better off under this....
With regard to the costs that they were going to incur, they would have had to incur costs anyway to meet the requirement of directly reporting to the U.S., which might have even been more.
Is that correct?