I'm sorry, but I will have to field that question in English.
There are a couple of things--costs, covenants, and entrepreneurialism. In terms of costs, it's really important to step back and put this into context. Perhaps my colleague, Marion Wrobel, will have some comments on this as well.
If you go back as recently as, say, August 2007, the prime rate was standing at 6.25%. The prime rate now is 2.25%. Now, you take a prime rate and it's adjusted up or down. If you have a home mortgage, you're in the best condition ever. But even with adjustments, effective interest rates for businesses and consumers are at their lowest rate in literally years and years. The Bank of Canada, for instance, does a regular survey of what it calls effective business interest rates. It's a blended rate, but it gives you an indication of where things stand. Its latest report in October indicated that the effective business interest rate in Canada was about 3.33%.
When you look at the issue of cost, the price of loans, you have to take two things into consideration. As you know, one is the cost of funds to banks. As you pointed out, compared with last year, when the cost went really crazy, it has gone back down to normal, but it's still not at what we would call historical norms. We fund a lot of our stuff, we try to match it, as you know, we try to fund it off the bond market, and that is going to vary. That has to be taken into account.
The other thing that has to be taken into account, as it always does, but particularly so in a recession, is the issue of risk. When we see loan losses elsewhere in our industry, where loans are not being paid back, there is an impact on the prices for everyone.
So it's our cost of funds, it is the risk of individual customers, and it's the operating environment with loan losses.
Marion, do you have any other comments?