Thank you.
Mr. Arsenault, I was very impressed with your remarks. You drew an extremely interesting connection between the work done by labour-sponsored funds, and the labour-sponsored funds in Quebec, and private capital funds.
Earlier today we heard from Mr. Jack Mintz. He told us that he doesn't see any reason to have this tax credit. First, it intrudes into the market and prevents the private sector from developing. Second, he says the rate of return of Canadian labour-sponsored venture capital funds is lower than that of American venture capital funds because of these tax credits and the involvement of labour-sponsored funds. Could you give us your perspective on that?