Thank you.
In my career prior to politics, I read many thousands of reports from both of your organizations during my 21 years in the mortgage business. I thank you for the work that you do for Canadians and for the financial services industry.
I want to talk today about consumer indebtedness. In the officials' statements in the previous panel, they said that they attributed the absence of broad default to households' spending less on other things, to households' refinancing existing debt and to households' exhausting their savings. There is no increase in per capita GDP, so we don't have an increased ability of people to pay. We just have a shuffling of debt responsibility.
I'll let each of you answer this. Do you have data to support that assertion, and can you break down refinancing activity versus...? Well, that would be the one you could see, so perhaps talk about refinancing.