Thank you very much, Mr. Chair.
Minister, I want to respond to a couple of pieces of misinformation that some members on the committee have pointed out. First of all, when the Liberals try to make accusations about what our party was promising in the last election, it's important to keep in mind that 40% of the infrastructure dollars that were allocated in the first couple of years, 2017 and 2018, under your government, Minister, lapsed. That means it never got spent. It never got out the door. Your department's own internal audits have raised massive red flags in several areas. The Auditor General is currently investigating the infrastructure plan that your government has been rolling out.
The second thing I want to address is this idea that large projects take time. Of course you're right, Minister. There's no argument there. There's no argument that it takes more than just a few days or a couple of weeks to get a large infrastructure project built. Surely to goodness you can agree, though, that in four years the bank should have something to show for it. The previous CEO was paid a bonus, which usually, under Treasury Board guidelines, is reserved for exceeding expectations. I don't know what you were expecting the Infrastructure Bank to deliver, but since zero projects were completed and the former CEO received a bonus for that, you must have been expecting even less than that.
When we go back and look at the P3 fund that the previous Conservative government had, to do exactly what it is you're talking about, which is to unleash private sector investment, I can go over a long list of projects that were completed in a short period of time.
A water and waste-water plan in Kananaskis country was announced in 2012 and completed in 2014. In your hometown of Hamilton, the Hamilton biosolids project was announced in 2017 and operational in 2020. In my hometown of Regina, a large bypass and overpass project was put out for tender in 2014. Construction work began in 2015, the first phase was done in 2017 and the project was completed by 2019. The Iqaluit airport was—