The first point I'd like to make is that these changes are a little overreaching in how conservative they are in the amount of capital that needs to be reserved to ensure that the financial system doesn't fall apart, as you have alluded to. Our arrears rates for mortgages are currently 0.28%. As we heard on Monday, they peaked in Canada at 0.65%, which is by no means anything close to what happened in the U.S.
Very simplistically, interest rates dictate the stringency of the credit underwriting used to issue the product. A credit card issued at 20 points can be issued with almost no underwriting. There's an expectation of default. That's what the market risk premium on that is for. A 2.5% interest rate for a mortgage at the volumes that are being issued...believe me, the underwriting standards in Canada before those loans are issued are second to none in the world.