Thank you very much.
My question is about division 6 of part 4. This would allow, despite sections 27 and 27.1 of the Bank of Canada Act, any of its ascertained surplus to its retained earnings until its retained earnings are equal to zero. I just want to confirm my understanding of this. This isn't an ongoing authority for the Bank of Canada to be able to apply its retained earnings against losses. It's a time-limited authority, again, in a manner of speaking, to be able to offset the losses that it has already incurred as a result of the change of the increase in interest rate and the bonds buying and selling that it did during the pandemic in order to be able to finance the Government of Canada's income support programs, among other things. When those liabilities are covered or that difference on its asset sheet is made up, there's no ongoing authority for it to be able to do this. It's like a one-off.
If someone could speak to how we got to where we are and how this is a solution to that—and only that, as opposed to an ongoing authority—it would be helpful for the committee.