It has led to a sharp decline in securities issuance; this decline has to be an important part of the story of why the current financial market turmoil is affecting economic activity. In other words, mortgage credit losses are a problem because they are hitting bank balance sheets at the same time that the securitization market is experiencing difficulties.
Mark Carney: Summary of the latest Monetary Policy Report Opening statement by Mr Mark Carney, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, 20 October 2010. *  *  *  Good morning.