Thank you for your question.
Mr. Chair, this is not interpreted as a levered corporation in that respect. First, to reduce the cost in the treasury function, unlike other crown corporations, the government is not going to give it a lump sum amount of money that it has to manage. Cash will be released to this corporation as projects come forward, such that it can make investments, i.e. purchases, in a project, either through debt or equity means and other parties will then do the same. The objective is not to bring in additional debt, but equity, so that it will not be levered. The purpose is to try to attract more investment on a project-by-project basis. The bank need not have a capital reserve; it only needs to have the amount of liquidity it needs on a project-by-project basis.
The Government of Canada will raise its debt. The Government of Canada will manage its funds. Prior to transferring it to the crown corporation, it need only manage on a project-by-project basis, as one participant structuring that project.