Thank you, Mr. Chairman. As I said to the Standing Committee on Finance, if you look at some of these loans, some of them were six or seven years old. I'm not convinced that the necessary securities that perhaps should have been in place and the timely signatures on paper were not as efficient as they should have been.
As part of the overall review of the Department of Economic Development, we've looked at the Business Credit Corporation and I've pretty well said publicly that I see the Business Credit Corporation as one that takes higher risks than a bank, taking less collateral, and simplifying the paper work. So, would there be personal guarantees and cross-company guarantees? I would think that would be part of the policies that the Business Credit Corporation would develop and I would have to check with them to see if that is now in place. It was originally in place and it didn't happen as well as it should have.
The way I see the Credit Corporation is as a lender of last resort, and I'll say that again. I think in certain instances, there may be cross guarantees between companies and in certain instances, there may be personal guarantees. I think you have to take each loan one at a time, the same way as the bank deals with them. When you go to a bank, depending on the risk, the track record, and personality, it depends on the collateral and the security you provide. That's my answer. Thank you.