Thank you for the question.
Speaking strictly from the hotel sector, there are two key challenges here. One is that the actual regulator for the banks, which is OSFI, has not rewritten regulations for COVID, so that means they're using an old set of regulations for COVID. You have to get appraisals, and it's this whole process. What they're saying is, “You're just worth 20% or 30% less.” We have heavy assets in the hotel industry, so they're just saying, “You're offside with your loan-to-value ratio and that means we can't authorize you to take on any additional debt”, notwithstanding the fact that the government is backing it by 80%.
Then you rightly pointed out the other issue, which is that there's no line of sight on when the cash flow will come back, so we're just being told, “Don't apply.”