Mr. Bernard Sheridan:

We have raised the issue with the Department of Finance. I am not aware that progress has been made but we are open to assisting it by giving our expertise.

In my opening statement I expressed concern about adopting a simple one cap fits all approach. We believe that the approach that we are taking, in terms of assessing whether rates are excessive and applying that to different types of loans, terms, APRs and costs of credit, may be a better approach. We are concerned about the impact a simple market-wide cap could have because it would be irreversible in terms of where people could go which brings us back to the point made about alternatives.