The group of assets that can be held in custody should be clearly differentiated, since the duty to return lost assets should apply only to that specific category of assets.

6. Following an application of the sale of business tool, resolution authorities may, with the consent of the purchaser, exercise the transfer powers in respect of assets, rights or liabilities transferred to the purchaser in order to transfer the assets, rights or liabilities back to the institution under resolution, or the shares or other instruments of ownership back to their original owners, and the institution under resolution or original owners shall be obliged to take back any such assets, rights or liabilities, or shares or other instruments of ownership.

3/ Liquid assets (currency), government securities, assets on third countries, government controlled enterprises and the difference between quoted and non-quoted assets could be distinguished when relevant or in case the debt-to-GDP ratio is above the reference value.

Honourable senators, I think it should be noted that the DBRS provides rating services for 99 per cent of all corporate commercial paper issuers in Canada, and 98.6 per cent of the asset-backed securities market, according to the Investment Industry Regulatory Organization of Canada.

Second — and I guess I could phrase it as a prediction — is that banks which go to raise capital through the new covered bond framework with bond pools comprising uninsured mortgages probably will find that their cost of borrowing is on the order of 10 basis points higher than they are presently paying to sell bonds backed by insured mortgages.

Given that and the history and evolution that you described to us, would it not be wise for federal reserves of industrialized countries to issue their own e-money that would be backed just like the physical currency that we're using?