Thank you very much. That's a very pertinent question.
For some Canadians it's a very complex issue. Some Canadians are unclear about the link between U.S. sub-prime mortgages and the situation up here, which basically is related to asset-backed commercial paper. Each one of the banks and institutions that have been affected by this has a different situation, a different book of business. When I look around the world, I think Canada has handled, and is handling, this situation very well. As you know, our banks have publicly affirmed their commitment to back the performance and the liquidity of their paper. We've had the Minister of Finance, the Governor of the Bank of Canada, and also the regulator say that the situation is stabilized and things are going to work themselves out. Obviously market participants in the so-called Montreal proposal are at a very tricky point. I'm not going to comment on that. I hope Mr. Purdy Crawford is going to do his work, and we're going to let him.
There are some lessons learned with respect to issues around transparency, how institutions need to explain the products, and how investors need to ask for the explanation of the products. I was quite cheered when Deputy Governor Pierre Duguay of our Bank of Canada spoke recently about a review of the Canadian financial system that was undertaken by the IMF. He said that major Canadian banks have enough capital to withstand a severe shock and that in his mind this was a very positive thing.
I don't know if my colleague, Terry, has anything to say about the credit tightening. I don't think we've seen anything of that.