Is There a New Seacar?

There's this idea that we're continuing to talk about the bank provision environment as compared to 2020, which irks me a bit because it's not quite right. So there was an accounting guidance change in late 2019 called Cecil. But they also had to do a full book redo and like basically go back in time and pretend that this was the accounting methodology when those loans were made. And so a lot of the timing is purely coincidental that they were taking these large provisions at the same time,. They were having to run a new Seacar scenario that reflected more of a pandemic assumptions for the economic.

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