Mr. Chair, the aim that the honourable member has referred to is stability or resilience in the face of volatility. The strategy is to build buffers in the system. Buffers could include those at the borrower level, which I spoke about earlier with the minimum qualifying rate. Buffers could include system-wide capital expectations, and buffers could include individual capital and liquidity buffers for individual institutions. It is a multi-faceted array, if you will, of buffers or cushions intended to blunt the impacts of uncertainty and volatility in the market.
On January 21st, 2022. See this statement in context.