Thank you, Madam Chair. It's a pleasure to be back here.
Governor, Senior Deputy Governor, thank you.
You've made a number of warnings over the last few years that I think about. You warned about immigration. You warned about productivity—a very keynote speech. You also made a warning in the spring about financial speculators purchasing government debt—about 40%, if I recall correctly.
I guess the question I have is this. In a world where we are very interconnected and the possibility exists of a sovereign debt issue somewhere else in the world, maybe not in Canada, are we not more exposed than we would be, because we have 40% of I'll call them hedge funds purchasing our debt, which rely on this kind of liquidity and repo market to make the system work. I think that was the conclusion of the report—that's a rising risk. Is that fair?