Government Operations committee  Whether they would do what?

Government Operations committee  We had put a residual value, the government exercising their option at that price, per the formulas contained in the lease.

Government Operations committee  If they did not, then they would, of course, not own the buildings after that 25-year period. The issue would then be what happens after that period.

Government Operations committee  It certainly is a way that we have established as a major tradition in Canada, particularly if in this case you're saying we need it for at least another 25 years, and we're prepared to enter into a firm lease agreement for that. If what they were doing was releasing the property, then that's a different story.

Government Operations committee  I'm aware that they do lease a lot of property, yes.

Government Operations committee  That's not been part of our charge, so we don't have an ability to speak to that specifically on the government building side. We certainly are not unaware of what's happened out there. But keep in mind that our forecast, at least, over the next 25-year period doesn't show the same rapid rate of inflation that occurred in the late seventies and early eighties that was part of the story of escalating prices in non-residential real estate.

Government Operations committee  It would certainly be part of their overall analysis, I suspect, at DPW or the Department of Finance, who would be the ones responsible for this type of a long-term transaction, but we haven't done it. In some sense it's not the union's responsibility to worry about the 25 years out.

Government Operations committee  This is a quote from—

Government Operations committee  I don't know whether they saw the detailed numbers. If they did and concluded this was a good deal, then you have two different people with different opinions. Is it this professor you're talking about Mr. McKellar?

Government Operations committee  —May 1: Is this a sound approach for government? Well, the answer is both yes and no. You have to know what the details are. It could be a good deal. It could be a bad one. I don't know what the details are. I could say, however, that what distinguishes between this whole business in the public sector and that in the private sector are the two variables that the private sector doesn't deal with.

Government Operations committee  Sure.

Government Operations committee  I'm not worried personally, sir.

Government Operations committee  Yes.

Government Operations committee  Was that the Deutsche Bank?

Government Operations committee  Yes, I did. I'm glad you raise that. Was that tabled with you all?