So, while risks related to market conditions have abated somewhat, this has occurred alongside ongoing improvements in mining firms' balance sheet positions. Specifically, firms in the sector have reported a strong focus on reducing costs, realising efficiencies and paying down debt, particularly amid earlier expectations of commodity price declines (as global supply increased and demand was seen to be moderating).
The other “contextual” development that I would like to refer to has to do with the credit unions’ exposure in the unfolding CLICO situation. The information which is in the public domain indicates that 65 credit unions had investments amounting to close to $ million in CLICO. That, in itself, is not my issue. What is the issue?