Thank you, Mr. Chairman.
Thank you for the invitation to discuss the proposed legislative changes in Bill C-74 to the Bank of Canada Act.
Under section 18(d) of the act, the Bank of Canada has the authority to buy or sell securities issued or guaranteed by the government of the country in the European Union. The Bank of Canada is proposing amendments to the act in anticipation of the United Kingdom's exit from the European Union. These amendments would ensure that the Bank of Canada can continue to buy and sell securities that are issued or guaranteed by the United Kingdom.
That's really it. I'd be happy to take questions if there are any. It's a technical amendment reflecting the Brexit vote.