I'll turn to the senior deputy to respond to this in more detail, but as I underlined in my opening remarks, yes, we are, as a result of the actions we took.... We undertook quantitative easing in the first part of the crisis. That created extra income for the Bank of Canada. Now, as interest rates increase, we are starting to incur net interest rate losses.
There are various solutions to that problem. The senior deputy governor will say a word about that in a second. I want to stress that whatever solution is chosen, it's not going to affect how we run monetary policy. As a central bank, we are a going concern. We have liquidity. We will continue to run monetary policy guided by our mandate. We do not run monetary policy to maximize our income. Low inflation is a public good. We run monetary policy to deliver low, stable inflation. Obviously, it will have some impacts on our balance sheet. Those are largely accounting issues.
I will turn to the senior deputy governor, who is a CPA, to talk about those issues.