Thank you.
To the Desjardins Group, good morning gentlemen.
Having covered Desjardins Group in a case for many years on the bond desk, I'm familiar with your structure, the shareholders' equity, and the whole bit with regard to Desjardins.
I want to get your view on the housing market. Many people in Canada comment on the debt ratio, debt to disposable income, but the same commentators, or many of them, don't comment on the net worth of Canadians, even if you take out the real estate assets and you just look at the net worth of financial assets. It's kind of double accounting, two sides of the balance sheet. Really there are three, but two sides for now.
I want to get your view on that, in terms of the fact we are spending a lot of time looking at this one ratio, but we're not spending a lot of time looking at a few other ratios to determine the strength of the Canadian consumer or the Canadian household.
I'd like to hear your view of the changes that were made, and what impact they may have on Quebec, specifically rural Quebec, the area outside of greater Montreal and greater Quebec City.