The Minister of the Financial Management Board, Mr. Todd.

Thank you, very much Mr. Speaker, I do appreciate the plaudits that I do occasionally get from my colleague from Iqaluit. Indeed, we are in form today.

The Mortgage Investment Corporation, is currently under review, I would like to publicly applaud my colleague for bringing forward in the last assembly the need for me to take a hard look at what the banks were doing. I would be prepared to say publicly that it was because of my colleague that we are reconsidering the Mortgage Investment Corporation, I think he should be commended for advising me that we should move forward in discussing the issues with the banks, I just hope at the end of the day he is correct, and that the current banks will provide mortgages to our staff as we move forward on this well thought out housing purchasing policy, thank you.

Oral question, supplementary. Mr. Picco.

Thank you, Mr. Speaker. Mr Speaker, it is one of those things, you do not want to look a gift horse in the mouth and I will take compliments where I can get them. I just would like to know, can Mr. Todd again say; is the Mortgage Investment Corporation deferred, is it on hold, the five million dollars that we had allocated to the Mortgage Investment Corporation is it sitting in a little pot somewhere, is it money that we could use to fight the deficit, could we help the elders for example, so maybe Mr. Todd can clarify that. Where is the five million dollars that was allocated in the main estimates of the budget of the Mortgage Investment Corporation?

Mr. Todd.

Thank you, Mr. Speaker. The five million dollars that is involved with the Mortgage Investment Corporation should it not proceed will be part of the deficit elimination strategy or part of rebasing in some needs that have been identified in this government. That decision has been made at this time. Thank you.

Your oral question, supplementary. Mr. Picco.

Thank you Mr. Speaker. Mr. Speaker, the need for re-basing is of course a very serious concern of the Government, and the financial situation that we are in. When does Mr. Todd think that this five million dollars that is sitting somewhere, hopefully gaining interest, will be finally reconciled, and we will know what the status of the Mortgage Investment Corporation will be. That was in May, that is five months, and we see the hearth and heartache has been passed on to the people. My question to Mr. Todd is when does he think this Mortage Investment Corporation will be finally solved, so that we can use the five million dollars for the betterment of the people of the Northwest Territories.

---Applause

Mr. Todd.

Thank you Mr. Speaker. It is not some five million dollar pot that is sitting on the side, that we are collecting interest on. I am a little dismayed, given the fact that Mr. Picco has indicated that he is so learned in financial issues, that he would even imply that.

I am suggesting to this House in a serious way, that if the banks, as I have said, publicly, and I will say again, are prepared to demonstrate to me and to all of us, that they will provide mortgages for our people, our teachers, in Level 2 and Level 3 communities, that we will reconsider the Mortgage Investment Corporation.

But it is early in the process right now, as we are moving forward with this aggressive strategy, a sound one, to sell our staff housing. When I am convinced and provided with significant evidence that the banks are prepared to do it, then I will reconsider at that time whether we will continue with the Mortgage Investment Corporation. I will repeat for clarity sake, if I do so, then that money would be put to good use. Thank you.

Supplementary, Mr. Picco.

Thank you Mr. Speaker. I guess we do not know when. What does the Finance Minister need for the banks to demonstrate that they are actually active in the communities, when CMHC has already shown that, of the mortgages that they do, because the people of the Northwest Territories do not own land, but you had a collateral chattel mortgage, and therefore it has been insured by CMHC. I understand that the banks have demonstrated to the Finance Minister and to the Government of the Northwest Territories, in actuality they are being aggressive.

So my question again is what does it take Mr. Todd, to be convinced by the bank. Maybe I should get the executive of the Royal Bank to come up from Bay Street, or knock on his door, maybe that would convince him. What kind of convincing do you need, Mr. Todd?

Mr. Todd.

Yes. If I took Mr. Picco's advice, and his knee-jerk management, we would not be anywhere. The fact of the matter is that September 30th was the last day in which we asked our employees if they wanted to purchase their houses. It is the 5th of October, and if he wants to be serious about the issue, I am telling you right now, we have to give our employees ample time and the banks ample time to determine the appropriate mortgage for the balance of the houses we have in place. I do not need any manager, or any vice-president of any bank to give me advice on that. And I am not going to respond to a knee-jerk approach that this Member is trying to push down our throats.

Oral questions. Final supplementary, Mr. Picco.

Thank you Mr. Speaker. Sorry if I raised the ire of the Minister. As we all know, the Investment Corporation would take maybe nine-ten months. This strategy has been in place by this government for approximately a year, since we started. So therefore, I would expect that the demonstration, the need, would have been there. If the people in those houses, cannot get a mortgage from a commercial bank, I do not know why we would be lending them money. So again, my question to the Minister is, what does he need to demonstrate the need? That was not answered.

Mr. Todd.

Mr. Speaker. At the risk of sounding a little aggravated, maybe what I need is a flip chart and Magic Marker. Let me explain again to my honourable colleague, so he understands.

We drafted a letter to all our employees. We asked them to let us know by September 30th if they were interested in purchasing their houses. It is only October the 3rd, you have got me so confused, I do not know what day it is. I am suggesting to you that it is going to take a little more time to demonstrate that they are prepared to lend the moneys. I hope he is right. I have already publicly applauded him for the advice that he gave me. I took his advice. I would hope now he would have the tolerance and the patience to wait and see if the advice that he gave me, and the banks will co-operate to lend the money to the staff that we have out here.

If it happens in the next short while, we will then reconsider what we are doing in the Mortgage Investment Corporation. If it does not, we will bring it in place. Thank you.

Oral questions. Mr. Henry.

My question is to the Minister of Justice, Mr. Ng. I would like to know from the Minister, I had heard on the radio, his comments about not proceeding with a challenge to the gun

law. I would like to ask the Minister where he got his opinion, which told him he should not proceed with that challenge. Thank you.

Thank you. The Minister of Justice, Mr. Ng.

Thank you Mr. Speaker. Mr. Speaker, I had a legal opinion drafted from the department. There was also some outside, independent advice that was sought on the matter, Mr. Speaker. Thank you.

Oral question, supplementary, Mr. Henry.

Thank you Mr. Speaker. So the Minister is telling me that his own staff, plus outside of the department give him advice as to the success which turned out from his comments, that he should not proceed with a challenge. My question supplementary to that is, did his department tell him how much this was going to cost, this challenge to the gun law? Thank you.