Sure. Merci, Edmée.
Well, I have a few reactions.
First, I would say that being global is better. We hear a lot of negative stories and we see a lot of negative stories in the papers today, but every day we see great stories at EDC around companies going to Brazil, going to Asia and the like, and having a lot of success. We should not forget about that, because I strongly believe that diversification, from a country and geographical perspective, is a great way to build Canada's wealth and competitiveness.
Just to go back to Madame Métivier's point on the practices, from the lending side that we have seen over the last couple of years, it was on both sides. It was not only the risk assessment, but it was also the pricing assessment. Money was cheap, and as a result, companies were able to get money that did not reflect their actual risk. As a result now, the companies are suffering on two sides: not only is the liquidity not there, but on top of that, the remaining liquidity is very expensive. Now it's probably going the other way: instead of being not expensive enough, credit is too expensive right now.
And there are some issues in terms of pricing risk currently. On certain deals, we see the private sector pricing anywhere from 400 to 800 basis points over benchmark. So it's very difficult just to understand pricing in the current market.
The last point I would like to make is regarding Canadian banks. EDC recognizes the financial services in Canada as a sector of expertise, and actually, we support Canadian banks in their international ventures. There are many Canadian banks, now more and more, that are looking outside Canada to expand their market, and we're supporting them from that perspective.