Thank you.
I have a very short presentation, and then we can turn to questions.
The proposed amendments to the CDIC Act would clarify the treatment of and protections for eligible financial contracts in a bank resolution process. They aim to ensure an appropriate balance between a robust bank resolution tool kit that prevents mass termination of a bank's financial contracts in a resolution and adequate safeguards for the rights of parties to these contracts to manage their risk.
The proposed amendments clarify that, generally, the state preventing parties to eligible contracts from terminating those contracts for reason of insolvency or deteriorated financial condition of a bank applies only for a period of two days following entry of the bank into a CDIC resolution process.
Thank you.