Public Accounts committee  Yes, that's a number that's used for international comparison purposes.

Public Accounts committee  Yes.

Public Accounts committee  My answer to that, Chair, is yes. The issues about debt-to-GDP ratio and deficit-to-GDP ratio are are ultimately relative issues about how we stack up against other countries in the world, because really that's what's relevant here. It's not an absolute issue; it's a relative issue.

Public Accounts committee  Your question has two parts. First, you implicitly question the strength of the Trans Mountain project. We considered the cash flow associated with that asset and have done a tremendous amount of analysis on the issue prior to providing the company with a $10 billion loan guarantee.

Public Accounts committee  I'm giving you an example.

Public Accounts committee  An important role of this committee is to advise us on sustainable finance. Let me give you this example of our efforts in this regard in order to answer your question, which is a very valid one. In summary, we have some work to do, because we're in a transition, and we're seeing a steady increase in the importance of these issues.

Public Accounts committee  I used to have all those numbers in my head, because the quality of their performance used to annoy me quite a bit when I was running the CDPQ. I would say that their performance over a period of time.... It's not in any one year that you judge the quality of the performance of a fund of that size, whether it's five years or 10 years.

Public Accounts committee  Could you explain what delay you're talking about?

Public Accounts committee  I think the comptroller general and the Auditor General have already partially answered your question. At the Department of Finance, we're still working on ways to improve disclosure of environmental criteria. This is an important part of our thinking. We have created what I would call a sustainable finance advisory committee.

Public Accounts committee  Chair, thank you for that question. I think it's a pretty straightforward answer to your question, and the straightforward answer is that I think the Canada pension plan is extremely solid, for a couple of reasons. I think there are two sides to this: first, how, from a government and government policy point of view, both benefits and premiums are always on the radar screen and are judged very carefully; and, second—and I'd like put particular emphasis on this—the management of the Canada pension plan by the people who manage it.

Public Accounts committee  What is your question?

Public Accounts committee  Rising inflation will not necessarily result in lower revenues. Revenues will probably keep pace with the rising inflation rate, because that increases nominal GDP, which in turn increases our revenues. More broadly speaking, we are well aware of the uncertainties of the current economic situation, and we are really focusing on that.

Public Accounts committee  You go ahead, Nick, because my answer is yes, it is.

Public Accounts committee  Mr. Chair, I'm not sure what the question is.

Public Accounts committee  All I can say is that I think we disagree on that point. I will just make two points. First, it is the law of the land that it has to be revenue-neutral and, therefore, it is handled and treated that way. We certainly do not think about any income we get as something that's comparable in any way to a tax revenue.