Thank you very much.
Governor Macklem and Senior Deputy Rogers, welcome. It's very nice to have you back.
I want to talk about prominent payment systems for a moment. I'm going to try to link this to the productivity discussion.
My understanding is that Interac's e-transfer service is considered a prominent payment system under the Bank of Canada. Is that correct? It's been designated.
I also understand that Interac is in non-compliance with the standards that the bank sets out with respect to at least two of the standards. Primarily, one, the criteria for joining Interac is public; and two, its pricing mechanism should be risk-based, not volume-based.
The problem I have here is that, one, there's no transparency. The bank has requested through the standards that there be transparency. Two, the fee schedule is secret, but we know that it's volume-based based on testimony yesterday at the industry committee.
Are there any enforcement actions being taken against Interac to bring it into compliance?