I'd say a similar thing: the larger companies have come to the markets in the last two years and have tended to accumulate fair amounts of cash. Part of it is because of uncertainty, but I also think part of it is looking for opportunity as well.
Particularly when you're looking south of the border for acquisitions, you're waiting patiently, perhaps, for a better opportunity to make that acquisition, so in some cases the delay is strategic. But mid-sized Canadian companies and smaller companies are for the most part cash-strapped. There may be some exceptions, but by and large they don't have that problem. Certainly it's a very different situation from the one south of the border.