Thank you, Chair.
I'd like to thank our guests for attending this morning. This is a very important discussion, and I'm pleased that there are so many of you here to respond to our questions.
I've been listening with interest to your comments, statements, and some of the questions from members opposite. I was particularly interested in Madame Bourgeois's discussion about student write-offs. My colleague opposite and I come from London, Ontario, where we have the great University of Western Ontario, which I attended. If I'd only realized that I had the opportunity to be a laggard and not pay my student debt, I might be in a financially better position than I am today.
I'd ask a question on that as I look at the student write-offs, because I think the concern would only be from this standpoint. And if I might, Mr. Smith, I'll address this question to Madam Thornton, as I look at it being one of the items where you've written off student debt.
Madam Thornton, you indicated that bad debt in student debt tends to be at 1% of the overall portfolio. Did I hear that correctly?