That's a great question.
The institutions we regulate have an eye toward how Canadian institutions are perceived by Canadians, certainly, and by investors globally. They accepted the premise that we needed to have a regulatory regime around climate change.
This consultation we did over the last year was characterized by a great deal of give-and-take with institutions of all sizes. We calibrated our guideline in a way that made it manageable and adaptable for the institutions in question. They would tell you, I think, and they have said this publicly, that they are very concerned that we would abruptly increase capital requirements for climate risk and do so in a way that “unlevelled the playing field”.
We will not do that. We will make a concerted effort to make sure we quantify and measure the risks associated with climate change and then ensure institutions manage those risks, with all the other risks they have, and ensure they have ample capital and liquidity buffers for all risks. If something goes wrong that you don't expect, the institution absorbs the hit and keeps going.