I'm just going to give you a concrete example.
To be a major borrower from the Canada Mortgage and Housing Corporation, you have to have a certificate for projects valued at more than $100 million, a limit that we've long exceeded. It's a rigorous process, and I clearly understand why. Every year, we actually have to demonstrate to CMHC our financial capacity to carry out our projects and to undergo a risk analysis of our governance method, our funds and our capital.
So this certificate is valid for a period of 12 months and has to be renewed every year. We just completed the one for last year this past week. It took nearly 6 months of analysis to get a compliance certificate that's valid for only 12 months. At the end of the sixth month, I was asked the same questions as I was asked the first time because it was already out of date. As a result, I'm going to have a major borrower certificate that will last me 6 months, and I'll have to redo it next year and spend another 6 months to get a certificate that's valid for 12 months.