Okay. I'll wait for you to advise, then.
Mr. Dugan, on defaults again, IMF and The Economist have both published that Canada is at the highest risk for defaults of any country in the G7. It's a very serious situation.
I note that the Royal Bank published a proof point earlier this year, in which they said, “This poses a particular risk in 2025-2027 for a specific group of borrowers: those who bought a home between late-2020 and early-2022—when the market was at its peak and interest rates hit rock bottom.”
For you, as a mortgage insurer, this obviously has to be on your radar. How concerned are you about this? Also, has CMHC done any analysis as to what the loan losses might be? Are you increasing your provision for loan losses on a go-forward basis, given the concerns with what might happen over the next couple of years?