Thank you, Mr. Speaker. Mr. Speaker, during the last meeting of the Aurora Fund Board which was maybe a month or six weeks ago, was the Minister and the board fully updated at that time on the status of the Aurora Fund and the number of loans that have been met? Thank you, Mr. Speaker.

Mr. Todd.

Thank you, Mr. Speaker. What we normally do when the board meets, it meets to sanction, if you want, the Investment Committee's recommendations on loans. I could check and determine what the status is of the request of

my colleague with the relationship to how many loans were given out. Do you want me to publish it again or table it in the House? I would be only too happy to.

Oral question. Supplementary, Mr. Picco.

Thank you, Mr. Speaker. Mr. Speaker, while the Minister is gathering the information and tabling it in the House, which we appreciate, I wonder if the Minister could tell us if, indeed, the second Aurora Fund is now fully subscribed? Thank you, Mr. Speaker.

Mr. Todd.

Thank you, Mr. Speaker. Actually, it is oversubscribed. Thank you.

Oral questions. Final supplementary, Mr. Picco.

Mr. Todd.

Thank you, Mr. Speaker. What I meant by oversubscribed is, you need x-amount of people, with x-amount of dollars for the total amount of the fund. Sometimes you have more than x-amount of people, you get more than x-amount of dollars. Therefore, you are over the total amount of the fund. That was what I meant by oversubscribed. I will provide my honourable colleague all the information on the Aurora Fund early next week. Thank you.

Oral questions. Mr. Ootes.

Minister of Finance. Mr. Todd.

I think in round numbers I said on a number of occasions we are looking somewhere in the region of between $80 million and $100 million. It depends really on what happens. If you read the newspapers this week, Iqaluit wants $48 million hospital and we have consistently said you get $25 million. It really depends on how it is all going to fall out, but based upon a rough guestimate on an ideal scenario where everything would go out to public tender as we have talked about, when all the projects are identified, it is somewhere in the region between $80 million and $100 million. Thank you.

Oral questions. Supplementary, Mr. Ootes.

Mr. Todd.

It will be reported as an expenditure as kind of a lease arrangement. It will be reported in terms of financial statements.

Oral questions. Supplementary, Mr. Ootes.

Two questions. You have used your final supplementary. Mr. Todd.

Thank you, Mr. Speaker. Mr. Speaker, it is difficult and I am not trying to evade the question. We try to fast track some of these projects: one, to get them on the ground; two, to create some economic activity; three, to create some jobs, et cetera. My guess will be that we may be lucky, given the lateness of the day, some of the complications that have arisen and some of the questions that have been asked, to get 50 or 60 percent of these projects up and running this year, to get them started. It is difficult to project what the cashflow is going to be until such time as we go to public tender or RFP, whatever process we end up using, and we get the proposals brought forward. We have an obligation and a

responsibility, and that it is consistent, that we must examine each project on its own merit and my staff must be able to demonstrate to me there is an affordability issue over a short or long-term. It would be difficult for me to predict today how far along it will take before these projects are sufficiently settled, if you want, to determine the cashflow, but certainly, we are doing it on an individual basis and as soon as we get it, we will definitely provide it to the Members. I know it is an important long-term issue for them. Thank you.

Oral questions. Mr. Picco.