We estimate that propping up the loonie—avoiding that 20 per cent depreciation—would have required us to increase the policy rate to 6.75 per cent in 2015 and by an additional 25 basis points in early 2016.12 You will recall that in 2015 we actually cut our policy rate twice, by 25 basis points each time, from 1.0 to 0.5 per cent.
Stephen S Poloz: Release of the Financial System Review Opening statement by Mr Stephen S Poloz, Governor of the Bank of Canada, at the press conference following the release of the Financial System Review, Ottawa, Ontario, 9 June 2016. *  *  *  Good morning.