Go ahead, Mr. Kennedy.
Debates of Oct. 1st, 1992
Topics
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Kennedy
We wanted to make sure that the loans were fully allowed for, so that the Business Credit Corporation would not inherit a white elephant. The loans that existed that were doubtful, were, in fact fully allowed for. So they are not written off, it is just that we made an excess allowance in the event that we do not collect on them. Right now we are still collecting on them, yes.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Thank you. Contributions, on page 17-17. The total is $14.872 million.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Some Hon. Members
Agreed.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Mr. Gargan.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Samuel Gargan Deh Cho
With regard to the Economic Development Agreement, Mr. Chairman, do you have a category to replace the special A.R.D.A. with the traditional economy, but you would not reflect that in this document. It is just a big number, like right now it is $8.867 million. That is the overall agreement, but you do not section it off.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Thank you. Madam Premier.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Nellie Cournoyea Nunakput
Yes, Mr. Chairman.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Contributions, $14.872 million.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 1257
Some Hon. Members
Agreed.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Grants and contributions of $15.282 million.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Some Hon. Members
Agreed.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Thank you. Next page. Information item. Business loan. Mr. Gargan.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Samuel Gargan Deh Cho
With regard to the provision on direct loans for business enterprise or loan guarantees, two financial institutions support the business community to develop in the N.W.T. economy. Last year you had $20,000, for authorized limits, $15 million for operating results, and this year there is nothing. Why is that?
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Thank you. Madam Minister.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Nellie Cournoyea Nunakput
It has changed from the Business Loan Fund to the Business Credit Corporation, so that section does not exist any more, it is in another section.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Thank you. Information item, Business Loans and Guarantees Fund. Mr. Gargan.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Samuel Gargan Deh Cho
Okay, since it has been changed from the Business Loan Fund to the Business Credit Corporation, why is it that it is zero according to the business loans, but 154, when it was transferred to the Business Credit Corporation?
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Thank you. Madam Premier.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Nellie Cournoyea Nunakput
Mr. Chairman, I would like the Finance Director to answer that question. Mr. Kennedy.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Kennedy
The Business Credit Corporation is a Crown corporation so it will show up in separate financial statements, as opposed to the Government of the Northwest Territories. It no longer exists as part of the G.N.W.T. accounting records.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Thank you. Mr. Gargan.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Samuel Gargan Deh Cho
Was this where we purchased that sawmill too, under this category?
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair John Ningark
Mahsi. Madam Premier.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Nellie Cournoyea Nunakput
Mr. Chairman, no. The sawmill was under the Business Development Corporation.