Declaration of Emergency committee  That's correct. We heard of it when it was made public by the most senior levels of the government, and in the early, early days or the first day or two, my recollection is that we were scrambling on behalf of credit unions to clarify whether or not the orders applied to us. The assumption was that, of course, they did, but it wasn't yet 100% crystal clear on day one that they were going to apply to provincially regulated financial institutions.

Declaration of Emergency committee  I would outline a broadly similar process, but again, behind by a day or two, which at the time felt like a much longer period of time than that indeed.

Declaration of Emergency committee  Not that I am aware of.

Declaration of Emergency committee  Again, I don't have the precise numbers in front of me, but if memory serves, the largest single account was a mortgage or a debt account in the sum of $200,000. The others were savings or chequing accounts in the low to mid four digits, I would say.

Declaration of Emergency committee  It's a very similar process. I wouldn't have anything to add to what my colleague at CBA said on that question.

Declaration of Emergency committee  Fewer than 10. I haven't got the exact number, but it was a very small number. I would add, also, that some of the alarm that existed in the public at the notion that the government had the legal authority to do this was mirrored across our financial institutions as well, because freezing an account is the nuclear option.

Declaration of Emergency committee  There is no perfect approach to that question. You can't please everybody. I would draw a distinction between something like the UN, which publishes an exhaustive list of individuals who are sanctioned globally. We check that on a regular basis and provide that communication to our members so they can check it against their membership, whereas the list from the RCMP was not exhaustive.

Declaration of Emergency committee  The confusion is that we had this list, which is black and white, but then we had further discretion to freeze if we deemed activity worthy thereof. As I said, people don't want to have that discretion. They don't want to have that power and that ability to arbitrarily freeze accounts, not that it ever took place.

Declaration of Emergency committee  Yes.

Declaration of Emergency committee  The answer is always similar, but the challenge persists. It's a cultural reality within the federal government to treat the financial sector as six institutions. Now, that has gotten better over the years, but this is just the most recent example of a federal issue—

Declaration of Emergency committee  I will ask the members of my association whether sharing that information gives rise to any privacy concerns.

Declaration of Emergency committee  I don't know.

Declaration of Emergency committee  That's right. They are not part of our association.

Declaration of Emergency committee  Desjardins was absolutely part of the discussions at the time, as the chief financial institution in the province of Quebec, but you would have to speak to them directly to get the details.

Declaration of Emergency committee  It's because there's a perception that exists at the federal level that the financial sector in Canada consists of six banks. That's an exaggeration, but not really. These are six federally regulated financial institutions that do represent the lion's share of financial services in Canada.