My work in what we're doing at DSRB is on the credit side, and I can say that in speaking with just about every prime contractor within NATO, their biggest concern is that privately owned companies make up 95% of their supply chain. They're not public, so they depend on credit.
NATO is committed to going to another $2 trillion of future spending by 2035. That's another $1.5 trillion of credit that needs to come out of the banks. If you ask a supplier who has maybe $25 million or $50 million in revenue today, the forecasts being given by their primes are in the 15% to 20% bump that they've not had since the Cold War. Where do they get that money from? They have to go to the banks.
When we talk about capital markets, I look at it from the lens of the credit side, and that's what we are addressing. I believe firmly that the banks have to unlock the credit, which has been very shallow to date because of ESG and a bunch of other policies that have changed radically this year.
In terms of what Canada needs to unlock credit, if we hit $150 billion—or perhaps more, depending on where our GDP goes—we will need another $80 billion or $90 billion of credit, minimum, to support that growth in our supply chain.
When you ask about capital markets, I look at it from the credit side.