First of all, the Department of Finance is leading the consultations on lender risk sharing. Those are going on right now, and it will be for the government to decide where that goes. Our analysis of potential risk sharing, as has been presented in the consultation papers, is that there could be a modest increase in mortgage rates in the neighbourhood of 10 to 50 basis points, so 0.1% to 0.5%.
That depends on the circumstances, but I would describe it in the following way. If the risk to mortgage insurers goes down, then the capital we need to protect against that risk will go down; therefore, the premiums that we will charge will go down and that risk and capital and rent, or premium, will go up on the part of lenders. In the large part, it's an in and out; it's a wash.
We account for some friction in the way bank capital is calculated relative to how capital is calculated for mortgage insurers, and we think, on net, it would be in the neighbourhood of just less than half a percentage point.