I think, sir, it's simply the contrast between OMERS and Toronto-Dominion Bank. Toronto-Dominion Bank simply cannot lend to these kinds of projects at 2% and 3% interest rates. They won't. Also, the life of these projects is very long. It tends to outstrip the desired lifetime of the private finance sector.
Yet to Ms. O'Connell's comments and my response, OMERS, on behalf of its fiduciary clients, would be thrilled to get an assured 2% to 3% return on the fixed income portion of its portfolio. OMERS has private equity investments that push 20% return on invested capital. I'm not talking about that world. I'm talking about the world of the fixed income portfolios.
I have not spoken with OMERS, but I have talked to CalPERS, Ohio PERs, NYPERS, Illinois PERS, New Jersey PERS, Kuwait, and as I said, Norway and Japan. All their fiduciary sectors would comfortably engage in a 2% to 3% return in the U.S. infrastructure. I have no doubt that they would find the infrastructure here even more interesting.