We've got to do better. We're not capital constrained, so we have to find the right opportunity that fits, but as we know there's not a lot of opportunity in Canada.

This transaction is an excellent strategic fit for both companies. Our goal is to build a stronger, more competitive institution, while presenting exciting opportunities for employees, customers and shareholders alike.

We want to be part of the Canadian community and what better way to do that than get involved with the CFL, which is certainly a community product across the country,

We had another year of record results and exceeded all of our 2005 targets,

I wish we had done this earlier, but better late than never.

One of the major contributors to our success this year was significant loan growth. Total loans were 11 per cent higher than in 2004, the highest level in five years.

This quarter's results reflect strong broad-based gains across all three of our growth platforms -- domestic banking, Scotia Capital and international banking -- continuing the success of our strategy of diversifying geographically across business lines.

When you've got good people, you should find a way to retain them.