Thank you, MP Morrice.
One of the biggest arguments posed by the Canadian Lenders Association is that this industry will cease to exist and that borrowers will have to go to loan sharks. We've maintained, as you mentioned, that in Quebec the interest rate is already capped at 35%, yet Goeasy, one of Canada's biggest installment lenders, boasts to its investors that it is going to expand in Quebec and other urban markets. If they were incurring a loss or if it were really affecting their profit margins, why would they go and expand further into Quebec?
It's very clear that there's enough of a profit margin even if the interest rate is lowered. In their annual report, they also say very clearly that they are very well placed to adapt to this lower interest rate. In the U.S. also, in state after state, we have seen the lower interest rate, and still this industry thrives.