Public Accounts committee  Enabling legislation would be a great addition for management . I'll let Ms. Mowat speak for the board, but as I said, as I take over as CEO of this company, it is left to me and my management team to develop a strategy that we believe to be in the best interest of the corporation.

Public Accounts committee  I don't think it's a matter of things being more important than people. It's a matter of who owns the infrastructure and who controls it. As an owner, you make operating decisions as to which trains go first based on your operating imperatives and commercial operatives. That's the first thing.

Public Accounts committee  It's completely possible to operate the network profitably. It's possible to attract investors looking for a return. Also, currently the interest rates are extremely low. Commercial return opportunities for investors are rare. The infrastructure sector is one that provides a consistent return over a long period.

Public Accounts committee  No.

Public Accounts committee  Mr. Chairman, I believe the honourable member might be quoting from the 2012 eco-train study.

Public Accounts committee  Exactly, that's the 2012 eco-train study. That is a study for high-speed rail. That is partially why we don't believe in high-speed rail. High-speed rail is a simple direct substitution of air traffic for train traffic. That means three things for the consumer. One, the price of a high-speed train ticket is equal to or greater than the price a plane ticket.

Public Accounts committee  It would help in as much as if the government's wish were to establish such rules, for example, as multi-year funding and to establish the ability of VIA to pledge assets or borrow money, it would clarify VIA's opportunity to run itself as a business.

Public Accounts committee  Thank you for the question. The infrastructure costs for a dedicated segment between Quebec City, Montreal, Ottawa, and Toronto are around $2.5 billion for railway tracks and signals and over $1.25 billion for electrification, if the segment needs to be electrified. Also, the new fleet we plan to acquire will cost about $1.25 billion.

Public Accounts committee  Absolutely.

Public Accounts committee  Exactly, and we could obtain the $5 billion from sources other than the Government of Canada. That's also an important factor.

Public Accounts committee  For example, the Caisse de dépôt et placement du Québec and Canadian pension plans—OMERS, Teachers, CPPIB, and PSPIB—have all been investing in passenger railway networks around the world for the past 15 years. They are getting a return on their investments. Therefore, a passenger train network can be operated profitably as long as the infrastructure is adequate, the schedules are arranged based on the clients' needs, and the goal is commercial.

Public Accounts committee  On the GPS train system, the motivation is first and foremost safety, and therefore, it's not an economic justification, per se. The financial justification, if one needs one for a safety-related improvement, is twofold. It's a much more affordable substitution to positive train control.

Public Accounts committee  Thank you for the question, Madam Chair. VIA is a non-agent crown corporation. There are 47 crown corporations in the Government of Canada, and there are three non-agent crown corporations that do not have enabling legislation. They are Marine Atlantic, Ridley Terminals in B.C., and VIA Rail Canada.

Public Accounts committee  It's $270 million.

Public Accounts committee  Yes, after this year, it will most likely be around $300 million.