I'll address the second part of your question: interest rates rising.
When I say I don't anticipate interest rates to rise, it's in the context of the scenario we released, which only looks as far as the end of 2020, the current calendar or fiscal year. In that short period of time, we don't anticipate interest rates to rise, at least not significantly.
I agree with the governor that interest rates will probably start rising gradually as we get out of this difficult period of COVID-19, because once the economy starts to recover, I don't see any way for interest rates to go but up. They can't go much lower. They are close to a historical low, so they will probably rise. The question is when. Is it next year, early next year, late next year, middle of next year? I don't know.
As to the first part of your question, we have debt locked in, but we have a debt stock of $600 billion. A proportion of that debt always needs to be refinanced.
The Bank of Canada issues new debt instruments on an ongoing basis, because it's not all 50-year or 100-year bonds. There are some 90-day treasury bills, six months, nine months, a year, and these have to be constantly rolled over. That's why lower interest rates can result in slightly lower or stable interest debt charges, even though the debt goes up.