Thank you for the questions.
Let me start by saying that the whole concept here enshrined in legislation is long-term debt, which basically means bonds, creditors, investors—the whole concept. Also in the concept is that a systemic bank keep operating. In order to keep operating, it needs to attract and retain its deposits. Even in concept, then, in the legislation deposits figure prominently in considering the ability of the bank to continue operating.
Given that deposits were not contemplated in this regime, what can be bailed in will be described in legislation. The nature of what long-term debt securities are can change over time—the length of time, the type of bonds—but clearly the intent was that it can change. It will be a Governor in Council decision. There will be a promulgation of regulations, and we will have to consult with the whole industry as well as Canadians on the regulations. That is a natural Treasury Board process.
But again, deposits aren't even contemplated anywhere in this regime, I can assure you of that.