The member opposite is mistaken, Mr. Speaker. Most of the entities who were selling the non-bank, asset-backed commercial paper were under the jurisdiction of the provincial securities regulators. This is a serious problem. It is a gap in dealing with this issue and the solution has to come from the Government of Canada and the Bank of Canada. It is we who had to create the Montreal table, create a forum to resolve this issue, and hopefully it will be resolved. The provinces were not there.
In the House of Commons on April 14th, 2008. See this statement in context.