The C.D. Howe Institute will be having a report out in the next month or two on the bail-in provisions for the banking system. The central issue is around the transfer of the liability. Is it the taxpayers who ultimately are backing the banking system, or should it be equity holders?
What the report looks at is the implications of the bail-in system, at some of the implications for common equity holders, and what the implications of that are to the financial system. I think one of the underlying assumptions is that the bail-in system is not designed to have depositors being the backing. Most of the discussions around the bail-in capital regime assumes that the depositors are going to ultimately be protected. I would encourage that fact because it increases the stability of the financial system if people know their deposits are safe.