Thank you very much.
Thank you to each of you for coming here today and for your presentations. We certainly appreciate the information and your availability, so thank you.
This is a very important issue--access to capital--that we feel Canadian businesses are grappling with. And I think, as each of you indicated, this is continuing. This is not something that will come to a magical end any time soon.
I'd like to start with some questions on the venture capital side, if I may.
I appreciate, Mr. RĂ©millard and Mr. Hayes, your candour in bringing forth some of the issues you think need to be addressed in our country to ensure a robust venture capital market. I've been in the high-tech sector, so I know a bit about attracting financing and the difficulties and the challenges there.
There are two issues here. One is how we ensure that in Canada we have the environment to attract venture capital. I think, Mr. Hayes, you gave some indication as to how you can attract more money through a labour-sponsored fund. How do we attract and develop more robust venture capital, not only today but for the future as well?
We're looking at some of the challenges in this particular period of time. I know you talked about Mr. Wilson's panel and the fact that we should assemble an expert panel on commercialization and that we need to look at some of the venture capital options. Could you express some of what you think should be done in order to encourage a robust venture capital market? Mr. Hayes has given some indication of what needs to be done immediately for the labour-sponsored funds.
Second, could you talk to the issue of angel investment? I know you're on the VC side, but I think the first toe in the water is actually on the angel investment side, and that's weak in this country.
I'll turn it over to you, and then I have some questions for the banks.