Securitisation issuances have also picked up considerably, and while the banks are major issuers in this market, there are other active players as well. The number of issuers accessing the debt capital markets has grown from a single issuer in the period prior to 2000 to 14 issuers in 2005. The secondary market for bonds in general is developing very slowly.
We have been tracking this adjustment through our regular communication with business groups, manufacturers, and exporters, as well as through the Bank's Business Outlook Surveys. You will find a copy of our spring Business Outlook Survey in your package. Our surveys have highlighted three areas that are posing problems for manufacturers—labour shortages, the appreciation of the Canadian dollar, and competition from Asia.