Not previously authorized, $3.731 million.
Debates of Dec. 9th, 1993
Topics
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Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Some Hon. Members
Agreed.
---Agreed
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The Chair Tony Whitford
Page 26, Energy, Mines and Petroleum Resources, operations and maintenance. Energy, Mines and Petroleum Resources, special warrant, $250,000.
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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Some Hon. Members
Agreed.
---Agreed
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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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
December 9th, 1993
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Some Hon. Members
Agreed.
---Agreed
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
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The Chair Tony Whitford
Economic Development and Tourism, operations and maintenance, business development, not previously authorized. Mr. Koe.
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Fred Koe Inuvik
Thank you. A total of 2.5 PYs have been approved for the management and collection of loan accounts for the
Business Credit Corporation. What is the size of the loan portfolio today?
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John Pollard Hay River
Mr. Chairman, I believe the loan portfolio is around $19.5 million, sir.
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Fred Koe Inuvik
What is the amount of outstanding loans?
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John Pollard Hay River
Mr. Chairman, it may be as high as $4.5 or $5 million. I think the Minister is looking at that area right now, and he has discussed, with myself, bringing forward a write-off bill for the February session. So, unless Mr. Todd has anything further to add, I think that's it.
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John Todd Keewatin Central
What we define as "bad debts," I suppose is currently sitting at somewhere -- depending on your definition of a bad debt, I suppose -- between $4 and $4.5 million. Thank you.
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Fred Koe Inuvik
I assume that the 2.5 PYs are not all -- it says here for management and collection -- required for collection of the $4.5 million. So, what exactly are the 2.5 PYs going to be used for?
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John Pollard Hay River
Mr. Chairman, these people are not only trying to collect loans, they're also having input into when loans are made, to make sure that all the documents are signed, all the documents are filed, the collateral is there, and all the legal agreements are in place, so, in the event of some kind of problem down the road, there is something to fall back on to be able to get some money back.
I think one of the problems, and I'm probably speaking for Mr. Todd, but one of the problems we've seen in the past is maybe all the "i's" weren't dotted and the "t's" crossed. I think the Business Credit Corporation, as it moves further away from the Government of the Northwest Territories and operates on its own, will want to make sure that the loans it is making now are fully secured, registered, and so on and so forth. No, they're not all racing around repossessing cars and buildings and so on, they are doing other things as well, Mr. Chairman.
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Fred Koe Inuvik
Maybe they should, then we might not have all these bad debts. There are 2.5 PYs, is one for a manager, one for a loan officer and one for a bill collector? I'm just curious.
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John Pollard Hay River
Mr. Chairman, there is a credit collections officer, a credit officer, and a finance officer. Thank you, Mr. Chairman.
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