Finance committee  We don't believe we've been tested in our system in Canada. I wouldn't suggest that the financial crisis as it applied in Canada was a true stress test. We publish stress tests that are far more aggressive than that, and, with respect to oil price declines, far uglier than we've

Finance committee  I would just say it's my job to not be complacent about that.

Finance committee  It was the evidence of 46 prior economic crises. That's real data, as opposed to an economic model. I'm happy to share that data with you.

Finance committee  I'll respond in English.

Finance committee  First of all, the Department of Finance is leading the consultations on lender risk sharing. Those are going on right now, and it will be for the government to decide where that goes. Our analysis of potential risk sharing, as has been presented in the consultation papers, is tha

Finance committee  Yes, absolutely. That's correct.

Finance committee  Yes, particularly among first-time homebuyers.... It's a little early yet to see. There's some seasonality in our results, but I don't want us to avoid the question. I'll refer the question to Steve Mennill, my colleague, who runs our insurance business. I will say that we had ex

Finance committee  Or, if I may say, save for another year or two and buy those same homes. It would be a deferring of that economic activity, as opposed to an elimination of it.

Finance committee  I think we need a year to have a complete picture of the situation. Because of the seasons we would want to go through one full year.

Finance committee  Yes, the measures have produced good results. There will be a difference in different provinces to the extent of higher indebtedness. For example, Alberta has comparatively higher levels of debt than other provinces. I think Calgary, Vancouver, and Toronto have higher levels of

Finance committee  Not exactly, no. I know we're not solving for an outcome. We're just making sure that we are, on behalf of the government, controlling the growth in personal indebtedness. The trajectory it's on is a function of so many factors—low interest rates, income growth, job creation, im

Finance committee  It's in the neighbourhood of two-thirds or so.

Finance committee  Let me reinforce two things, if I may, in response to the question. First of all, the decisions were taken by the Minister of Finance on our advice, so I don't deserve credit for those changes but of course we advised in support of them. The “too much of a good thing” reference

Finance committee  Yes, overheating. That includes several models that sit under it, and I suppose, if I may say so, it stands for the proposition that no one single measure is reliable. We have to look at a compendium of measures in order to understand the collection of what's going on in various

Finance committee  They are price acceleration, overheating, overvaluation, and overbuilding.