Mr. Sean Hosford:

Section 35 limits the value of loans we can have for longer than five and ten years. We like to believe we are coming out of the tail end of the recession. Demand for loans is beginning to grow. As the committee can imagine, any restriction on our lending in the marketplace damages our business. We accept that our core business is personal lending of less than five years' duration. We are good at it, but, as the committee knows from discussing the housing crisis, there is pent-up demand for longer term lending. The section 35 limits and the proposed 25-year limit in consultation paper 88, CP88, will affect our ability to lend money to our members.