Section 15 of the NWT Business Credit Corporation Act prohibits disclosure of details pertaining to loans made. The committee is of the mind that the Department of Resources, Wildlife and Economic Development and its lending agencies must weigh client confidentiality against accountability to the public when lending public funds. Expectations are different when public money is borrowed as opposed to when money is borrowed from a chartered bank. Loans made through the Department of Resources, Wildlife and Economic Development are a higher risk. The committee felt that there are some details of loans that should not remain private. There is client information that can be released to the public without jeopardizing the business. This client information is important for the public to see what is being done with public funds and alleviate the scepticism and mistrust circulating around on how this government has issued loans to businesses in the past. Further, the committee is of the opinion that there should be a statute of limitations for disclosure of loans that have gone bad.
Floyd Roland on The Business Credit Corporation
In the Legislative Assembly on November 3rd, 2000. See this statement in context.
The Business Credit Corporation
Item 11: Reports Of Standing And Special Committees
November 2nd, 2000
Page 716
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