It's immediate, and there are two reasons for this. One is that, as the comptroller general was saying, we borrow across the yield curve. We have our debt management strategy, which tries to manage its cost and risk dynamics.
One is cost. Shorter-term borrowing is less costly, because we're borrowing at lower interest rates on the far left-hand side of the yield curve. But we want to manage our risk dynamics, in the sense that we don't want to roll over the stuff every three months, because we don't want to subject ourselves to the interest rate roll-over risk. Effectively, we borrow steadily across the yield curve.
To answer the member's question directly, if short-term rates went up tomorrow, our short-term borrowing costs would go up tomorrow, so there would be a direct impact almost immediately. However, you have to manage that in context of the entire $600-billion borrowing program, which is the entire value of our interest-bearing debt.