In our view, transparency is a risk mitigant and not a risk accelerant. As superintendent, I don't want to presume to guide boards of directors and senior executives on what to disclose and what not to disclose, but I will say that sunlight is a very effective way to mitigate risk.
In general, if I look at Canadian bank disclosures on mortgage risk and I compare them to those in other systems and to the risks we see, they're pretty balanced. They can always do better, but it's not a major issue from our perspective.