Thank you.
Mr. Chair, first let me say that, in the previous three years prior to taking on this role, I was in charge of the Bank Act in Canada and I understood banks and banking, name use, and functions. It is quite clear that the entity as constructed, even though it's a crown corporation, is effectively a bank for the purposes of managing risk transfer between parties, and facilitating an arrangement between borrowers and savers.
It is not a Schedule 1 bank that takes deposits, much like other banks, but there are many other private market participants that do project finance, merchant banking, where they're involved in structuring a project, bringing folk together in a very bank-like way of transferring and managing that risk. Therefore, for those intents and purposes, this is a merchant-type investment bank, bringing parties together and structuring that, and it just doesn't have the deposit function.
There is only one Schedule 1 type of bank that takes deposits. There are many other types of banks that are involved in those types of wholesale or other forms of financial structuring.