So, we lowered our key policy interest rate twice in 2015 to help offset the fall in income and facilitate the adjustment from resource industries to the non-resource sector.
The second point regarding the current financial situation is that while the Canadian financial system does not need to reduce leverage, we are not immune from the fallout from this process elsewhere. Canadian institutions are in considerably better shape than their international peers. Their losses on structured products have been relatively modest. 4 More importantly, their absolute leverage is markedly lower.