Hopefully I'll get more time.
Governor Macklem and Deputy Governor Wilkins, thank you very much for being here today. We hope your families are safe and healthy.
Congratulations, Governor Macklem. It's great to have you for your first visit in your new role in finance. Certainly, we'll be hearing from you regularly. We appreciate that.
Your earlier quote that the biggest risk to Canadians “is not having a job” is an important one because we are in a situation where, certainly on the ground, and I can tell you, speaking to you from New Westminster—Burnaby in British Columbia, the issue of liquidity is a big problem.
What do you believe the sum total of supports to the banking sector has been from the Bank of Canada?
Second, we asked the same question of OSFI a couple of weeks ago, and they came back with the figure of $750 billion in overall supports for the banking sector, particularly Canada's big banks through the IMPP, through the Bank of Canada and through OSFI itself. However, when we look at other countries where supports have been put in place for the banking sector, that has come with conditions, either through the bank or through the financial regulator—I'm thinking of the Bank of England—stopping things like dividend payments and executive bonuses or making sure there can't be stock buybacks.
Why are there no conditions attached to what is a significant amount of support going to the banking sector, and what is your evaluation of the Bank of Canada's contribution to Canada's big banks and the banking sector generally since the beginning of the pandemic?