As you know, variances are mainly explained by two factors. The first factor is in trying to assess a year in advance, when we do the budget process, what the provision for credit losses will be, which is a good reflection of the health of our clients, of the entrepreneurs in Canada. I guess their financial situation was better overall than what we had anticipated, and their results were better; therefore, the provision for credit losses was lower.
Also, in our activities, we need to take into account that we have quite volatile investments. I am referring to the venture capital side of our business, where we do a fair value of our investments on a regular basis. Twice a year, we do it completely, and every three months we do an overview to make sure that we represent fairly their valuation in our portfolio.
As you know, these investments tend to vary a lot and to fluctuate a lot, depending on their results. All of them are early-stage or start-up companies, and their results vary a lot; therefore, the fair value will vary a lot. It is very difficult to assess.