Thank you very much, Mr. Chair.
I want to thank all our witnesses for joining us today.
I am very happy for you that my colleague Mr. Adler did not ask you any questions about your political affiliation. I think some people were interested in knowing that.
Mr. Carlton, I will talk to you about borrowing costs and economies of scale related to the federal government's involvement, as I think that information is very important.
Let's take the example of the hydroelectric project in Muskrat Falls, Labrador. In that case, the federal government's loan guarantee is helping the province of Newfoundland and Labrador save a significant amount of money. That is one of the reasons we have been supporting this project, despite the fact that the vote-buying approach is truly appalling.
Can you tell us about the impact with regard to economies of scale? How important is the federal involvement in shared programs when it comes to the assistance provided to municipalities to help them save money?