I'll start.
I'm not sure my swan is going to be as black as you want. One of the things we've been worried about in the risk scenario that we have in the FSR is really this idea that you could have another recession in Canada, an increase in the unemployment rate at the national level, which could impose stress on highly indebted households, with their having difficulties in making payments potentially, as well as stress on the financial sector as a whole.
We think this probability is still very low at this point, but as I said before, if this risk were to materialize, the impact would be substantial.
The other thing we've highlighted is that term premiums on interest rates are very low right now and we've had risk retrenchment over the past two years associated, for instance, with developments in China. It could be that we will have similar events in the future, with term premiums rising, pushing up interest rates and mortgage rates as a result. That's one of those scenarios that are a bit more difficult to predict because they involve confidence and risk aversion. This maybe speaks a little to your black swan.