This is very interesting. We will definitely invite you back to discuss this in the future.
On pages 36 and 37 of the report, there is a section titled “Capital Management.” There is a table there that shows ratios. We see that between 2019 and 2020, the percentage of available capital appears to have increased. If you look at the line “Mortgage Insurance: capital available to minimum capital required,” it goes from 195% to 234%. On the next line, “Mortgage Funding: available equity to required equity,” it goes from 190% to 263%.
Do you know what accounts for this increase in the ratio during the pandemic year?