The fact that we're using CMHC as the registrar does not have anything to do with its role in mortgage insurance. The assets that are going to stand behind the covered bond are, by legislation, required to be uninsured mortgages.
We're using CMHC because it has an expertise in dealing with the financial institutions that are most likely to issue these types of bonds. They have experience in the securitization market and how the structure of those types of bond programs will work. They're being used as a registrar more than as a source of insured product.