On Mr. Erskine-Smith's question, if you look at, for example, a program that can hold equity, the equity can earn a return and you can use that to reinvest. That's one way of doing it.
Another way is to set up a program that has a repayment schedule. The companies are repaying, the money goes to the consolidated revenue fund and that money is then available to the Minister of Finance to determine how to spend it. There may still be funds coming back to the government to be recycled, but those two different funds are designed in a very different way.
If I use the strategic innovation fund as an example, we actually calibrate the kinds of grants and lending and so on that we do. If you're a pre-revenue company with really great intellectual property, but you actually don't have a lot of revenue coming in, that might result in a kind of structure where we take on more risk. If you're a company where there is a benefit to Canada, but actually you as a company have deep pockets and can generate a lot of revenue, we might put something on the table that is fully repayable and you have to repay the Crown.
In the case of the strategic innovation fund, we don't have a revolving fund where the money comes in and sits on our balance sheet and we can lend out it again, but the money is still coming back to the Crown. It's still going back into the government's coffers.