Thank you.
Governor and Deputy Governor, welcome, first of all.
I'm going to ask some questions about the balance sheet and its effect on our monetary policy going forward.
This year, your accumulated deficiency is about $8.5 billion—down from about $8.7 billion—but you still have an operating loss and are losing money as a corporate entity. This is going to continue. It has accumulated since COVID, since the quantitative easing, wherein you're buying at low interest rates and having to sell at high interest rates, which means that you're losing money on every sale. That indicates it's about $8 billion for you, but there's another $19 billion in deficiency with the guarantees from the federal government. Therefore, combined, are we talking about a much larger number than is on your balance sheet? Your derivative arrangement with the federal government is $19 billion. When is that going to appear as part of the federal government's actual debt?