It's a very important question. We have participated in every public auction in the last 15 years. We have not been successful in one. Even with set-asides, we haven't been successful. There are some real challenges with how spectrum is being doled out. Once you hold that spectrum—and somebody asked earlier what good it was to Canadians if it wasn't being deployed. Another point is that anybody who does the math can see that you can't deliver 50 down and 10 up at a 25:1 oversubscription unless you have a very large amount of spectrum. You just can't deliver that much bandwidth because they're mobile subscribers. You can't. It's not like fibre to the home.
The spectrum auctions are critical. We've written lots on how they're done, and I'm sure Dean would love to share some of that. We have a completely different view. We are a very small operator. We're a facilities-based competitor that is open. We've built our own facilities. We own them, but even in our service agreement, we do not restrict our customers from reselling commercial air service, not even our retail customers, let alone a wholesale customer.
It's a loaded question. Yes, it is very critical as an asset for Canadians and as a revenue stream to ensure broadband in rural Canada. Yes, there are better ways to do it, but giving the money to a monopoly telco and hoping they will do differently from what they have done in the last 20 years is not one of them. It's not going to happen.