Finance committee  I'm probably outside of my territory here. The government standing in front of economic forces tends to be a battle that's hard to fight. We tend to address market dislocations and market failures pretty effectively. That may not be in the category of market failure.

Finance committee  You're welcome.

Finance committee  Oh, she should have jumped in. Romy, do you have any further points there?

Finance committee  It was estimated that it would help up to 100,000 Canadians.

Finance committee  It was estimated that there would be “up to”. In fact, in my testimony at this committee in response to a question last May, I said that the maximum recipient number was 39,000 per year and that over two and a half years, 100,000 would therefore be an upper limit.

Finance committee  Yes, per year, that is the number of people to whom it would apply, not those who would apply but to whom it could apply.

Finance committee  That is also correct. Actually, no, there is an updated number. Keep going and I'll get you the updated number. That number was as of the end of 2019.

Finance committee  That program was designed as an alternative to easing the stress test or increasing amortizations, both of which would have involved more borrowing and an easing of credit standards that would have aggravated already high levels of household debt. The reason it hasn't been take

Finance committee  No, taxpayers are only on the hook for what's actually been spent. They're not on the hook for $1.25 billion. That won't be—

Finance committee  It's $115 million so far: 6,000 participants, as of our current numbers, and 6,300 applications.

Finance committee  It could get there by September if this continues. Right now it's 12%, sir.

Finance committee  I said that with regard to our stress testing, which is stress beyond the current environment, we could lose up to $9 billion in [Inaudible—Editor]

Finance committee  That is, and they pay a fee for that, sir.

Finance committee  We want them to insure mortgages for the purpose of securitizing, as I think you would remember. We are monitoring that activity right now. We assume that what's happening is an adjustment period and that what we're seeing is temporary. However, as you would know, within the OS

Finance committee  We will aim for payments as soon as June 1.