Thank you very much for joining us today.
The first question I have is for Ms. Hughes Anthony. It's the first time I've heard a representative from the banks appearing before the committee who has not talked at some point about mergers. There's been a diminution of the size of Canadian banks relative to foreign banks and in terms of size and rankings over the last 10 years. When you refer to regulatory burdens under which you must operate here in Canada, is one of the regulatory burdens to which you're referring the implicit barrier to merging your operations?