Here are a couple of observations we'd make on private equity or leveraged transactions, whether they are actual transactions that take a company from being public to becoming private or are merely adding more debt to the capital structure of Canadian corporations. Number one, leverage in Canada is quite low at the moment. That's a global phenomenon, but the actual amount of debt that's in the corporate system is very low relative to 25-year averages. That's point number one.
Point number two is that we recognize that in these transactions there is third-party debt. There is a market discipline to the amount of debt that is put on a company. It's not a structured tax-avoidance scheme, if you will, that takes advantage of a loophole, if I can use that term, in the tax system. Rather, it is a judgment by market participants of how much debt a certain business can support, given its investment plans, which provides an important distinction from other types of activity.