We’re putting out balance sheet, and we’re doing it on both sides. The deposit line continues to grow, and we have an LDR in the business below 1, which is positive, I’d say. In terms of performance costs in the quarter, Q3 was an air pocket for the capital markets industry. And what we saw happen was a step back in the performance cost for the year. That stepped up ahead when we delivered what we felt was a pretty solid Q4. Does that help you answer your question, Scott?
Scott Chan : Yes. That’s very helpful.
Operator: Our following question is from Darko Mihelic from RBC Capital Markets.
Darko Mihelic : And Brian, also best of luck in retirement. I just wanted to dig, Dan, a little bit deeper into the mortgage question. You mentioned in your remarks that — or in response to one question that there was a shift from variable to fixed. But when I look at slide — what slide is it? 35, I don’t see a change quarter-over-quarter. And there was in a lot of rate increases that just recently happened. So my question on the portfolio of mortgages is, really significant to a couple of different areas, first and foremost, if there is a shift happening from the existing variable rate mortgage portfolio to fixed, could it be that originations are heavily variable rate mortgage related, and therefore, you don’t see an overall shift in the portfolio?
Are you in fact suggesting to customers to continue to go down the variable rate mortgage as a preferred vehicle, especially since you think rates are going down? And lastly, with respect to the average loan to value, for the whole portfolio, I see it rising a little bit. You have a very heavy concentration in Ontario, where house prices are falling. So maybe you can speak to what you’re seeing there on loan to values of the portfolio and where you think that’s headed over the next couple of quarters, please?
Dan Rees: Sure, Darko. There’s a lot there, and I am sensitive I think RBC’s called at 9. So I’ll make this brief and we can do a follow-up in detail, if you like. My comments around shift to fixed was new business flows during the fourth quarter as opposed to I think the slide you’re referencing is a photograph of the stock in the portfolio. We are not on the front foot with regards to devising customers strongly into or out of variable effects. We work with the customer based on their unique situation. Often, you’re seeing renewals come forward. And therefore, I think our view is balanced there, whether it’s by channel or by term. So the movement out of variable into fixed did begin to happen in Q3 that continued in Q4 as expected.
In terms of outlook on LTVs, I wouldn’t say we’re over-indexed in Ontario necessarily. I would say we’re slightly under-indexed in Quebec versus the rest of the marketplace. Clearly, as house prices have deflated over the last number of months, the emphasis on loan to value at origination will be maintained at, call it, Phil Thomas’ credit risk standard. As the book comes in for renewal, where we are concerned about any consumer situation, we will reappraise the value of the home and decide whether we want to renew on that basis. We are not leaning into high LTV, high TDSR, long amortization, our credit situations in the mortgage book, we believe very strongly that immigration, employment, wages, shortage of housing will be constructive for the housing market once we get through this price adjustment period, and as margins return as the prime CDOR compression dissipates.
Operator: Our following question is from Sohrab Movahedi from BMO Capital Markets.
