Thank you for the question.
I can't give you a specific answer. I'm neither an economist nor a specialist in either competition or the banking sector. However, I do think we should be concerned about the reduction of competition in all areas, including the banking sector.
Our report doesn't target any particular banking institutions more than others, but it's no secret that RBC's investment portfolio is quite problematic.
As for the HSBC acquisition, we'll have to see what's driving it.