Certainly in the analysis we did in 2011-12, in that last year, it looked like PPP Canada earned more than what the cost of borrowing was. But it's important to remember that you can't borrow at a AAA rating and invest in a AAA rating of the same duration on the same day and make money. For there to be a way to earn money in this fashion, the amount that was borrowed either had to be invested for a different timeframe than it was borrowed for, or it had to be invested in something that had a different credit rating, and this results in exposure on the financing side.
On May 2nd, 2013. See this statement in context.