Industry committee  You are entirely correct. This bill is not intended to guarantee that creditors will recover all their money. Its objective is to give retirees a better chance to recover the most money, given that they will be ranked higher in the order of priority among creditors. This is not

Industry committee  Thank you very much, Mr. Généreux. To answer your first question, I would say yes, the bill would have been perfect if it had ranked pension plans before the banks. However, that is not what we are asking for, because we understand the need to achieve a satisfactory compromise.

Industry committee  However, in that case, it is an acceptable compromise, in that the cities can pool the losses and spread them over time.

Industry committee  In the Cliffs Mining case, at first, the employees, the retirees, were to have their pensions reduced by about 21%. We succeeded in recovering a few million dollars, but ultimately it was still short almost 9%. As my colleague Mr. Lemieux said, retirees came to my office to tell

Industry committee  Yes, I hear you very clearly.

Industry committee  Thank you very much, Madam Chair. Thank you also to the committee members. I would simply like to add one point. The reason why the previous bills were not accepted by the various parties is that pension plans were treated as claims that took priority over banks, which made it