Thank you, Mr. Chair.
Many of you I am sure were here for the previous panel. One of the observations from the Office of the Superintendent of Financial Institutions was that when it came to pricing risk, that was a non-regulatory call. That's the choice of every institution, whether it be a bank or credit union or mortgage lender, etc., to make. From my listening-in to everyone's testimony, that may be true, but I don't think that any of us here would believe that there wouldn't be a risk premium included because of the new regime.
Am I correct? I see some heads nodding but that won't be in the testimony.
Mr. Levings, please, and then we'll just work our way down.