There were few conditions, as there are this time around, in terms of accessing some of those supports.
The programs were actually, in some ways, quite similar: the Bank of Canada, particularly, engaging in large-scale repo operations with the banks; CMHC itself engaging in mortgage buybacks; and many of the Canadian banks accessing American facilities, as well, through the Federal Reserve.
During that last period, we had supports. I think maximum supports topped out in the $130-billion range. I haven't really done the full numbers here, but I'm sure that we're in excess of that this time around, although what the banks are using is very different. This time around, the Bank of Canada's repo operations have been much more substantial, and there's been almost no take-up of CMHC's mortgage buyback program. This is in stark contrast to what happened in 2008, when it was the complete reverse and there was much more interaction with the mortgage buyback program.
Now that program continues, and there may well be some.... The deferral of 14% of all mortgages in a deferral situation is extraordinary. That will presumably go down to some degree between now and September, but it may well be that, if deferrals continue, the banks may be inclined to send more of their mortgages to CMHC if they start to go bust.
In that regard, I think it is positive that OSFI has rules this time around in terms of limiting share buybacks from the big banks. That has been a positive change. I don't think the capping of dividends and executive pay really does much, in the sense that three of the five banks already had increases in place. In many cases, dividends will have increased in any event.
I'll leave it there.