Thank you.
Sticking with data, OSFI is still struggling to figure out how much activity in the real estate market is happening in the non-bank sector, or what we call the shadow banking sector. At the same time, OSFI is actually reviewing some of those regulations with respect to stress tests, which—as an unintended consequence, perhaps—are pushing more people into the shadow banking sector.
In your opinion, if there will be challenges in the mortgage market space, are they likely to emanate from the shadow banking sector or from the highly regulated sector that OSFI is turning the screws on?