Mr. Chairman, I sympathize with the Member because many years ago when you borrowed money from somebody, or you borrowed money from a bank, you did it on the shake of the hand and said you were giving your word that you would pay the money back. I remember those days and I think there's a lot of people who remember those days. When banks turn them down, they get extremely frustrated because they say that they gave their word that they would pay the money back and the banks are not prepared to loan them the money.
Unfortunately, in today's corporate world, there isn't that kind of personal guarantee any more. There's not that kind of pride in knowing that people took the money out and, in one form or another, they will pay it back. Today, we're into who is liable, what does the law say, and what was placed as collateral. In the instance that Mr. Arvaluk cited, if the person from Iqaluit never pledged anything from his company in Iqaluit or never pledged anything personally of his own against the loan he made in Coral Harbour, unfortunately all that would be left would be the asset which might or might not be operational.
I sympathize with the Member, but in today's day and age, things have changed greatly as far as paying back loans. I think people who loan money are expected to take the risk and if they don't make it or they don't get good enough collateral, then they take their lumps. It's sad, but true. I think in defence of the Business Credit Corporation, they are now recognizing some of the problems that have occurred ten or twelve years ago and are trying to make, within the realm of reasonable, some of the changes so that there aren't as many cracks for people to slip through. Thank you, Mr. Chairman.