Mr. Gabriel Makhlouf:

To answer the first part of the Deputy's question, what we stated yesterday was that our model showed that without the measures, prices could have gone up 26%.

The Deputy asked about the extent to which we concerned that loosening the rules could ignite another credit-house price spiral. We are concerned, which is the main reason we decided to leave the rules unchanged. As I stated yesterday, the rules are doing their job. As a result, we do not propose to change them. Right now, if we had changed them, the community would have taken on unnecessary risk.

On the question of whether the banks are using the allowances to their maximum potential, our analysis shows that the banks have a bit more flexibility which they have not been using.