I understand. Thank you very much.
Mr. Mintz, I read Mr. MacIntosh's study and I must admit that it reflects a very poor understanding of what labour-sponsored venture capital funds did in Quebec.
You are concentrating on the return rate and trying to see that it's not only venture capital but that's the mandate of the fund. You were saying it hasn't been successful but it has been shown that if you are looking all the OECD jurisdictions, Quebec has a share of its GDP as the third-largest investment and venture capital under management after the U.S. and Israel. It's almost three times as high as Canada's and four times as high as Ontario's, so in that aspect it has been very successful.
I think it also explains why there is so much support for this especially from the Fédération des chambres de commerce du Québec, the Chambre de commerce du Montréal métropolitain, and Manufacturiers et exportateurs du Québec.
All of these organizations are against eliminating the tax credit because they understand the role these funds play in Quebec, especially their countercyclical role.
Ontario followed the prescription to scrap that tax credit after 2005 and as a result Ontario's share of Canadian venture capital has dropped dramatically since 2005. It is at 36%. With a much lower GDP Quebec is investing as much as Ontario in terms of venture capital.