Prior to this point, about 40 per cent of cars in Canada had been purchased with a lease. Canadian banks stepped into the breach helping to ensure that Canadian auto demand dramatically outperformed American demand. Now we need to rebuild securitization so that Canadian consumers have low-cost financial alternatives. These reforms will make a huge difference – if they are implemented.
What is important is that you have to make sure that the decisions in the banking supervisory arm are not influenced by your monetary policy task and vice versa, and that you can do. But you cannot have a Chinese wall in your head.