I think Mr. Miltenberger is probably right; there hasn't been a great deal of debate on this issue. This is probably healthy, and I apologize if I sounded somewhat flippant earlier, because it is an important issue and it is a large expenditure.
What will happen in the Mortgage Investment Corporation, assuming we can find the other stakeholder investors of $15 million to start with, we will be a 20 to 25 per cent shareholder in this company on the initial basis. Our exposure will be to the tune of $5 million, period, and there will be no additional fiscal exposure to this company. It will operate independent of government and, in a sense, we'll be just like a tenant, or bridge financing, if you want; another alternative to the banks.
I don't want to get into a long debate with my friend, Mr. Picco, but I am telling you I have talked to the vice-presidents of banks, not bank managers, and I am telling you that they are not extending the mortgages; or, if they are extending mortgages, then the conditions are simply impossible for people to get. Secondly, they've said to me on many occasions that they can't afford to service it, and I believe Mr. Krutko just spoke to that. So, it's fine, as Mr. Picco says, to sit in Iqaluit with two banks and say everything's hunky-dory. Well, if you're sitting in Grise Fiord, maybe it isn't, or in Clyde River, Chesterfield Inlet or Repulse Bay.
I've tried to assure the Members -- and I don't know how many times I've gone through this -- that there are some safeguards in place. It was asked by Mr. Miltenberger and Mr. Erasmus. It's there. There is no alternative at the present time. We've got some responsibility out there to try to enhance opportunity for our people across the Territories and this is what this intends to do. If we're successful, and I've said, and I'll go public again, that this is a bold and somewhat risky venture but I've, hopefully, assured most of the MLAs that we won't spend the money without a clear commitment from external financial stakeholders.
I'm looking for support from ordinary Members. I understand I have it from some but, obviously, I haven't got it from others and they're certainly entitled to their opinion. I would suggest, Madam Chair, that we should proceed with the vote. Thank you.