Thank you, Mr. Chair.
Before I ask my questions, I want to comment on the last meeting, where a number of times witnesses said, “I don't understand the question. Can you repeat it?” It appeared the witnesses were very well trained by their lobbyists—probably former elected officials—in how to run out the time when inconvenient or uncomfortable questions were asked.
I'll turn to this panel.
The government recently said they had an agreement that reduced the weighted average interchange rate for small businesses with $300,000 in sales. The weighted average interchange rate came down to 0.95%. However, these small businesses account, in my opinion, for just 20% to 30% of credit card sales in Canada.
To the Financial Consumer Agency of Canada, from your research on policies, do you agree when I say that for more than 70% of credit card sales in Canada, the weighted average interchange rate has been reduced from 1.4% to 1.35%, or maybe 1.4% to 1.3%? Is my analysis correct?