Thank you, Mr. Chair.
Mr. Campbell, you mentioned—and that is what I read too—that a number of aspects would then be subsequently determined through regulations, not the legislation.
I accept your explanation that deposits are not included in the liabilities of banks, but the fact remains that the definition of liabilities is not included in the legislation. As I understand it, it will eventually be defined in regulations. Is that correct? The regulations themselves do not require the participation of Parliament and the House of Commons. It can come from an order from the Governor in Council. Is that the case?
What concerns people is that their deposits could be at risk. Is there a protection mechanism to ensure that the definition cannot be changed by the Governor in Council?
I completely agree with wanting to exclude that, but I am wondering whether significant obstacles would prevent another government dealing with a more difficult situation from amending the definition to include deposits. That's what worries me. This is not about the current government, but rather a future government facing a different situation.
