Yes, Chair, your understanding is very clear.
I'll ask Senior Deputy Governor Wilkins in a minute to say a bit about the evolution of those liquidity programs.
Exactly as you describe, these programs from the Bank of Canada as well as other programs are effectively loans. These are effectively providing funding to the banking system precisely so it can defer mortgages and precisely so it can increase business loans. Those loans and deferred mortgages have to be funded from somewhere, and in March and April in particular, funding markets were seizing up.
Had the Bank of Canada not come in to provide that liquidity, which, as you said, flows through to households and business in the form of loans and deferrals, there would have been a massive credit crunch in this country. That would have severely exacerbated the serious economic impact of this crisis on Canadians. That's why we came in, and that's why the government has come in.
Here's where I'm going to turn to Senior Deputy Governor Wilkins. As conditions begin to normalize in funding markets, our repo programs are starting to run off, and Senior Deputy Governor Wilkins can give you some numbers to give you a sense of the order of magnitude.