Thank you.
Mr. Denham, what I wanted to chat with you about today is what some have described as the deferral cliff. We had Mr. Siddall from CMHC on a couple of weeks ago who talked about this. He said there are something like 12,000 deferrals between insured and uninsured residential mortgages.
BDC is involved in deferrals, as we just heard a few minutes ago. You referred to them as postponements, but this deferral cliff that people are describing.... I'm not arguing that these programs shouldn't be in place, but I am concerned that the ultimate effect of this will be that we're essentially kicking the can down the road. Ultimately, this money is not forgiven—you're not in the business of grants, as you said, nor is EDC—and it's going to be owing. As a banker, if a loan is in default, at some point you're going to have to execute on your security.
I'm just wondering if there has been any thought or planning or discussion with government, as we move through the ebbs and flows of this crisis, as you describe them, about what happens when we get to that point in time where these deferrals are owing.