Finance committee  Thank you for your question. Very interesting. Yes, I have a very different perspective on the experience in the 1990s and its contribution to income inequality. At the onset of the 1990s, we were recovering from a recession. We had very high interest rates as we wrung inflation

Finance committee  Thank you very much, Mr. Chairman. Members, thank you for your invitation to be here. I’m absolutely delighted to be with you for this launch of the study on income inequality. I will agree on many fronts with Ms. Carney, but I'll take a slightly different tack, if I may. The in

Government Operations committee  That's a good question. Thank you, Mr. Braid. I'm not sure I have a clear view on that. Certainly if you do an in-house procurement and all the facets to go along with that—for instance, some highways departments have their own repair/maintenance facilities. Some municipalities

Government Operations committee  I can field that if you like. The governments and proponents both go through a learning process. Some time ago, I wrote a chapter with Boardman Vining where we looked at North American P3s, some successes and failures. An example was a toll highway that I believe was in North Ca

Government Operations committee  Yes, I think that would generally be the case. You can't specify everything, but you're always going to do the best you can. Each gap that's left in the contract will be an opportunity for error, oversight, or potentially asymmetric information, as between a proponent and the gov

Government Operations committee  How the private proponent goes about pricing risk will be specific to that proponent and the project. In economic terms, risk is a product of the likelihood of an outcome, and the harm or benefit associated without the outcome, if that occurs. This is what the private proponent w

Government Operations committee  Thank you, Mr. Chairman, and thank you for the question. I was waiting for it and looking forward to it. The yield at which, say, Triple-A federal government bonds are sold is typically going to be 1% or 1.25%. It would be foolhardy, however, to imagine that this represents the

Government Operations committee  I agree with Mr. Gill's comments. I've never seen corruption in a P3 contract, which is not to say that it doesn't exist or will never exist. The risks are always there in the process. But one of the things that you can ensure, or look to ensure, is clarity in terms of the contr

Government Operations committee  Thank you. It's a very good question, Mr. Chairman and Madam. P3s are probably unnecessary in a range of circumstances. Let's divide up projects into ones where you have a really good idea of how to specify how to do the thing. For example, I know how to make coffee cups. I kno

Government Operations committee  Thank you for your welcome. I am very glad to be here, and my apologies for being late. With that, I'll not apologize for the infrastructure between here and the airport. It's getting better all the time, I'm sure. Good morning, Mr. Chairman, members of the committee. Thanks ver

Finance committee  Yes.

Finance committee  The answer, again, is no, and the opportunity to identify is that through regulation we may be able to better manage and identify risk in the future.

Finance committee  My understanding is that 10% to 10.5% of premiums are set aside. They are expensable for the insurance company, but they're set aside in their own account.

Finance committee  I don't know the details.

Finance committee  You're talking about a percentage of the premium written each year.