I think the entry of the Icelandic banks into the Canadian market is a reflection of the changes in the Bank Act that occurred in the last round, where the federal government made it easier for foreign institutions, foreign banks, to set up shop in Canada. Previously, they could only set up shop by establishing a separate commercial entity, a subsidiary. Now they are allowed to enter simply as being branches of the bank back in Iceland. So a number of new banks came into Canada. They found it easier, cheaper—
On June 11th, 2009. See this statement in context.