In implementing the new changes from Basel IV—we also call it Basel III endgame—Canada is actually behind its initial schedule but ahead of most of its peers. We moved on these because they're based on sound prudential principles that lead to a more stable financial system, in our view.
With respect to the final leg of the changes we're making, which is known as the “standardized floor”—which is very complex but is basically a check on the models banks use to allocate capital—we are well ahead of our peers. Over the last nine months, it has become quite evident that our lead will at least stay the same or increase.
For that reason, we've been engaging with industry to consider what the right schedule should be for that rising floor, and we'll have more for you on that this summer.