Thank you for your question.
This legislation allows the minister to increase the deposit insurance limit, which remains at $100,000 per deposit across the nine different categories of deposits. It is temporary. It is to be used only in exceptional and emergency situations. The thinking is that given the current situation and the banking turmoil that we saw in the U.S. and in Switzerland, it was a prudent thing to do.
As you pointed out, there was a legislative provision in the early days of COVID through the emergency legislation that Parliament passed that gave the minister that authority as well, and that expired without having been used.
I'm sorry. Bear with me. I forgot to introduce myself. I'm Rachel Grasham. I'm acting today, so excuse me for not having all the facts right at my fingertips.
On the $100,000 limit, I understand that this limit has been reviewed and the decision was to maintain it at $100,000. As I noted, it really is under—