Government Operations committee  The good thing for us is, as my colleague was pointing out, we are receiving net inflows, net contributions, so liquidity for us is of course something we manage. We make sure we have enough liquidity to face ongoing obligations, but with positive inflows, positive contributions,

Government Operations committee  No.

Government Operations committee  On New York, yes.

Government Operations committee  You're not, because we don't have an active position in Valeant. We own the index in some equities, but we also own a lot of private assets, like real estate, infrastructure, and so on.

Government Operations committee  I didn't look at that investment specifically. As I said, it's part of the index portfolio. We look at the overall return and we look at the return by categories. In this case, it would be U.S. equities.

Government Operations committee  In that case, yes.

Government Operations committee  We take care of your pension.

Government Operations committee  We invest in broad indices. For example, the Standard & Poor's 500 is a good reflection of the U.S. large cap market. Valeant being a publicly traded company is part of the index. You saw an illustration of the size of our portfolio in terms of U.S. equities. It's not an acti

Government Operations committee  Actually, you need to look at it on a global basis because, for one Valeant that goes down, you have one Apple or one Yahoo that will increase. You look at the overall valuation of the index. You can take some constituents, some companies, and some shares are going to go down and

Government Operations committee  The most significant risk mitigation that we use is diversification, which means basically that you put your assets in different categories. The description my colleague gave you is that we have investment in real estate, in infrastructure, in public equities and bonds, and so on