Thank you very much, Mr. Chair.
You talked earlier about the provincial bond purchase program that is in place. Of course, many municipalities are struggling now. We've heard mayors in some parts of the country talking about bankruptcy. The large municipalities often fund a big part of the public transit that is so vital between cities, including in the Lower Mainland of British Columbia. We do have the ability in the short term to purchase municipal bonds.
First, to what extent do you see that as a tool that the Bank of Canada could use to support municipalities that are struggling?
Second, in terms of the corporate bond purchase program, are the major banks eligible for that, and can you let the committee know what the criteria will be around the purchase of corporate bonds?
Thank you.