Thank you.
The Department of Finance and the Department of Innovation, Science and Economic Development have heard from external stakeholders—including banks and other organizations, such as the ones scheduled to come on Wednesday—that putting the pensioners ahead of the secured creditors will, in fact, cause a rush to the doors for everyone to get out of defined benefit plans. It will cause a recall of loans and a downgrading of eligibility for lending from lending institutions. It would have.... This is the perverse outcome that we want to be so careful about not provoking again in our collective good intention of doing better.
I hope that, by hearing from some of these other witnesses on Wednesday, we can shed a bit more light on the importance of that change.