Thank you, Mr. Chair.
Thank you for coming.
I'm going to start my questions by following up with Mr. Smith and Mr. Charles on the points you were just making on competitive structure. I find this interesting and it's something we haven't talked about yet: the government. Essentially what makes it different for your organization versus, say, the banks is the government support of public mortgage insurance.
If we're at about 58% compared to 14% in the United States, 0.4% in the United Kingdom, if we were to change that model and not insure and back those mortgages, could your business model function without this high level of government support that's already provided to your industry?