And thanks to past innovations, such as the introduction of polymer, counterfeiting rates remain low, and our bank notes last longer and wear better. But at the Bank of Canada, we continually strive to innovate and improve. I am immensely proud to say that a great deal of innovation went into the note you are about to see.
In recent years, supervisors have observed banks lending outside their established footprint--to maintain a customer relationship--into real estate markets with which they have less experience. The challenge is heightened when the borrower is also venturing into a new market. These practices led to significant losses in prior CRE credit downturns.