carolyn wilkins : launch of the new exhibition “ a noteworthy woman ” remarks by ms carolyn a wilkins, senior deputy governor of the bank of canada, at the launch of the new exhibition " a noteworthy woman ", bank of canada museum, ottawa, ontario, 29 november 2018. * * * thank you all for being here for the opening of a noteworthy woman, our temporary exhibition about the imagery on canada ’ s new $ 10 bank note. the process to choose the first canadian woman to be featured on a regular bank note was exciting, and it inspired many. we received more than 26, 000 submissions. this exhibition retraces our journey with canadians to collect ideas. it tells the story of the 12 amazing women who, in the end, were considered for the honour, and of viola desmond and her lasting legacy as a human rights icon in canada. the artifacts in the exhibit are evocative reminders of viola desmond ’ s life and the time in which she lived. the focus has, of course, been on that day in a movie theatre in nova scotia in 1946. a successful business woman was denied a seat downstairs, was arrested and jailed, then ultimately convicted and fined for doing what was right in a system that was wrong. yet, that day in the theatre was not the first time viola desmond had experienced systemic racism. she had always dreamed of opening her own beauty salon, but the 1930s was not a time when a woman — and especially a black woman — could easily succeed. nova scotia beauty schools would not accept her, so viola trained in montreal and the united states. she then returned to halifax to open her own studio in 1937, during the depths of the great depression. viola desmond had been an inspiration for years before she bought that fateful movie ticket. our exhibition includes mementos from viola desmond ’ s business and seats from the movie theatre where her public battle began. more poignant still is viola desmond ’ s free pardon, granted in 2010 by the government of nova scotia, which recognized that she was innocent of the conviction that had remained on her record for 63 years. she never got to see justice served. it is a pleasure and honour to have wanda robson here today to share this moment dedicated to her sister. the exhibition also highlights other design features of the vertical $ 10 note, which centre on the theme of human rights and social justice. you will find an image of an eagle feather, an excerpt from the charter of rights and freedoms and an image of

both moved higher since our last report. however, in view of the improving economic outlook, there is now a lower probability that the risks stemming from these vulnerabilities will be triggered. this combination of higher vulnerabilities but lower probability leaves the financial stability risks related to those vulnerabilities roughly unchanged from our last report. our view is still that a strengthening economy and rising incomes will reduce these vulnerabilities over time for the country as a whole. nevertheless, it was the view of governing council that this conclusion merited a caveat, which is that the pace of house price increases in toronto, and especially vancouver, is unlikely to be sustained, given underlying fundamentals. this suggests that prospective homebuyers and their lenders should not extrapolate recent real estate price performance bis central bankers ’ speeches into the future when contemplating a transaction. indeed, the potential for a downturn in prices in these markets, although difficult to quantify, is growing. a significant decline in house prices could have material consequences for some individuals and for some entities in the mortgage business. however, the financial system as a whole is resilient enough to handle the potential impact. the third financial vulnerability featured in the fsr is the fragility of fixed - income market liquidity. the empirical evidence is mixed, but there is considerable anecdotal evidence that fixed - income markets have become less liquid, in part as a consequence of regulatory reforms to safeguard the financial system. we believe that the system will eventually evolve in such a way as to make market liquidity more reliable over time. nevertheless, we will continue to monitor and study this issue, both in canada and with our international colleagues through the financial stability board and the bank for international settlements. all things considered, the governing council is of the view that financial stability risks overall have not changed materially since our last report. let me also mention two very interesting reports included in this fsr. the first is a portrayal of canada ’ s pension business, focusing on the eight largest public pension funds. canada is a global leader in pension fund management, and this article provides a comprehensive review of their activities. as major players in canada ’ s financial system, these entities warrant the bank ’ s interest, and i wish to thank those organizations for their co - operation as we prepared the article. the second report takes a look at the securities - financing market in canada and the implications of recent developments in that space for bond market