Thank you, Mr. Chairman. Mr. Chairman, the Standing Committee on Accountability and Oversight reviewed Bill 19, the Write-Off of Debts Act, on August 13, 2002. Committee members would like to thank the Minister of Finance and his officials for presenting the bill. This bill will write-off $134,150.41 in debts owed to this government. The bill in its entirety is comprised of student loans that have been considered by the government to be uncollectable. A number of committee members noted that in Bill 18, corporations were forgiven debts while student loans were written off through Bill 19.
Some committee members suggested to the Minister that in cases of hardship, student loans should be forgiven. The Minister replied that it is the present policy of the government to consider each case on its own merits. Risk management continues to be an ongoing concern of the committee. The committee encourages the government to continue to enhance its credit monitoring system to ensure that the credit history of clients who have received write-offs or forgiveness of debts from the government is considered in any future credit application.
Mr. Chairman, following the committee's review, a motion was carried to report Bill 19, Write-Off of Debts Act, 2002-2003, to the Assembly as ready for committee of the whole. Additional comments or questions of members may be posed as we proceed. Thank you, Mr. Chairman.