Importantly, we also learned that some of the data submitted by individual institutions was not complete; in some cases banks did not have estimates of loss in stress periods or used ad hoc estimates, which might have caused minimum regulatory capital to be underestimated. Based on the results of QIS4, the Federal Reserve recognizes that all institutions have additional work to do.
I want to take this time to review Canada's recent economic performance and prospects and to hear your views as to how you see things evolving in the U.S. economy. Canada's recent economic performance In Canada, the economic weakness that we experienced was really concentrated in the third quarter of last year, particularly in September.