Thank you very much to our witnesses for being here today.
Mr. Routledge, here's what I want to ask you about. At the beginning of the pandemic, hundreds of billions of dollars in liquidity was made available to the Canadian banking system, ostensibly to be able to provide mortgage relief to Canadians who had lost employment as a result of the pandemic and were going to have a hard time making their mortgage payments. As MPs, I think many of us heard anecdotally that they felt their banking institutions weren't there for them when they were in crisis and needed relief on those mortgage payments.
I'm just wondering if your organization has a way of quantifying the extent to which that extra fiscal room that was provided to banks was used for mortgage relief for Canadians who were having a hard time paying their mortgage, and to the extent that it wasn't used uniquely for that, how much of that money and fiscal room might have been used to finance real estate investment that's partly responsible for these extraordinary increases in housing prices during the pandemic.