We really think of climate-related financial stability risk in two categories. The easiest and most obvious one is what we call physical risk. This is the actual damage to the economy from climate events and the knock-on damage that it causes to the financial system. We've done some work in this area, modelling things like flood risk to financial institutions. We looked at the impact on insurers, the impact on banks and the connection between those two things. We've done a number of studies. We co-operate with the financial institutions themselves and with the Office of the Superintendent of Financial Institutions. There are a number of reports on our website that look at this risk.
I would characterize that the conclusion is that we've not yet seen these risks on a scale that would destabilize the financial system as a whole, but the scale of the impact very much depends on the size of the shock and the transmission across different participants in the financial sector.