Do you think there is a possible distortion in the system? Canada mortgage bonds are effectively mortgages that banks have lent out and that are then securitized through the government, backed up by the taxpayer. The banks then buy them back, and you put them back on their balance sheet, this time as high-quality liquid assets that now apply to their buffer.
Do you think this can create a bit of a distortion in the system when an asset that is not originally considered a high-quality liquid asset is sent off to the government, gets stamped with a guarantee, and is is sent right back and is now all of a sudden a high-quality liquid asset?