Thank you very much. I would just like to thank my colleague, Mr. St. Denis, for starting the meeting.
Now what happens is we go to a first round of questions. Usually it's for seven minutes, but not always, and then after that we open it up to a second round of questions for committee members where they have five minutes apiece.
First I will go to Mr. Valley of the Liberal Party of Canada, the official opposition, for seven minutes.