Finance committee  It always depends. It's a continuum. A lot of projects that have a tariff associated are already revenue-generating; you can associate commercial financing from that tariff. There may be other planning bases where a province or a territory, particularly up north, has a vision whe

Finance committee  It depends on the circumstance of the agreement. If the infrastructure bank is taking a position in the project as a lender alongside other lenders, if that is not repaid in some way, then it would basically take that liability and it would be reallocated inside the partnership a

Finance committee  Whether it's an equity or a lending position, to what extent that is not repaid, then that would be deemed to be federal support into that project, and it would be recorded as expenditure against the $15 billion that the government has in the fiscal framework. That would be deeme

Finance committee  It would become an expenditure recorded against that $15-billion profile that we had mentioned earlier.

Finance committee  That's close, in the sense that the $35 billion is a balance sheet. If the infrastructure bank is investing in a billion-dollar project, and let's say, its position is $200 million in that project, there would have to be an accounting determination each and every year by the audi

Finance committee  No, that's not technically correct. All of the positions from the infrastructure bank will be part of the $35-billion balance sheet.

Finance committee  The differentiation between the $20 billion and $15 billion is an accounting determination.

Finance committee  It could be made on day one. As any other asset, you put money into a project. The accountants say you can't account for that as a complete liability asset match, therefore you need 20% or 50%, which will be immediately recorded as an expense against the Government of Canada. Tha

Finance committee  To the extent to which an asset would be held in a project, it would be retained in the bank and it could be made available to support other projects.

Finance committee  This is a completely optional incentive base, to the extent to which if one of our partners wishes to consider a project for the bank, they are not obligated to use it; neither will they be deducted any other funding through any other program. So it's completely incented for them

Finance committee  That would be a very accurate assessment. To reiterate, the public interest test is done first by the steward of the assets. If it were a province, municipality, or territory that would deem it to be in the public interest to build a piece of infrastructure and would like federal

Finance committee  I would be happy to. Can I turn to Niko?

Finance committee  Well, to the extent to which there's more risk, it's because the model is a revenue-generating model.

Finance committee  Some P3s are. In the Canada infrastructure bank model, you're attracting additional private sector investment into the asset to take on the risk in the revenue part. The extent to which a project may be riskier is the extent to which there is risk to be managed around the reven

Finance committee  I'd be happy to do so. In the lengthy consultations we've had among officials of the Department of Infrastructure and the Department of Finance, and when we've looked globally, many other forms of structures that rely on loan guarantees to finance infrastructure have emerged tha