We watch a variety of economic indicators, not so much so that we'll understand the present, but so that we can understand what might happen in the future. What we're looking for in the future is not for our own purposes to predict what's likely to happen, but to figure out what could happen, and to make sure that we, and the banking system and the insurance companies, are prepared for that.
The key indicators that will affect credit performance will certainly be unemployment and overall income. From a commercial point of view, we've already seen quite a disparate impact on different types of businesses. We'll be watching that very closely, and then mapping it back into the particular risk exposures of the financial institutions.
As I said, from a capital point of view, capital is loss-absorbing capacity. We've gone through a long period when it's been rare to see banks or insurance companies have a negative quarter. If we see it, I understand that it will be unfamiliar and alarming perhaps for some people. I'm not saying we will see it, but certainly a severe and prolonged recession can bring that about, at least for some institutions. What's important to understand is that we have ensured that the financial system has a great deal of loss-absorbing capacity so that it is able to navigate through periods of losses, continue to provide financial services to Canadians and command the confidence of the public.