Indigenous and Northern Affairs committee  The obligation is not there, but we do it anyway, for transparency sake. It is fully accessible on our website.

Indigenous and Northern Affairs committee  Yes.

Indigenous and Northern Affairs committee  Yes.

Indigenous and Northern Affairs committee  No, we do not.

Indigenous and Northern Affairs committee  Yes--it's $100 million.

Indigenous and Northern Affairs committee  We think it will leverage $3 billion.

Indigenous and Northern Affairs committee  Banking leverage is very similar. Banks around the world leverage differently. That's why some are in more trouble than others. Bank leverage in Canada is somewhere around the 20-times area on that.

Indigenous and Northern Affairs committee  We're going 30 times, but it's not a parallel scenario, because the banks take what you put on deposit as people and turn around and lend out 20 times. There is no other revenue stream backing that up. The reason we can get 30 times leverage from the rating agencies and the banki

Indigenous and Northern Affairs committee  The property tax regulations have been developed. They're done. Fifty-two first nations are working through the process right now, which will come through our door in the next 12 to 18 months due to a debenture. They're done. They're much smaller in size. The other revenues are a

Indigenous and Northern Affairs committee  It will be KPMG.

Indigenous and Northern Affairs committee  No. We're not a private bank like that.

Indigenous and Northern Affairs committee  Our operations will not be. The operations are audited by KPMG. In my previous life at the Municipal Finance Authority, when the province allowed us to build up the equity that we needed to access markets, the province put in place an area that said they had the right to come in,

Indigenous and Northern Affairs committee  No. We're subject to the rules under our act, which was created and which calls for an audit by an independent audit firm.

Indigenous and Northern Affairs committee  Thank you to the committee for the chance to speak today. The First Nations Finance Authority is modelled after a very successful operation in B.C. called the Municipal Finance Authority. It's been in operation since 1970 and in 39 years has never had a default on payment from a