Thank you.
Good morning, gentlemen.
Thank you for coming.
Oh boy, we've talked about a lot of things today so far. We'll continue.
Before I get to some questions—I am a little excited that I finally get to speak—I would start by saying that Canada has a stable, robust and well-regulated financial system. People do worry, and there are reasons to worry about levels of indebtedness, but the system is robust and well-regulated and can handle this pressure.
Here is my first question, if you will. A lot of folks were extremely anxious a few years back about what was then described as the mortgage “Armageddon”. Mortgages were resetting from the incredibly low levels of the pandemic to the levels of 2022-23, and folks were anxious that there would be a huge explosion in mortgage defaults, which did not happen. Could you elaborate a bit on that and why you think that was the case?