Thank you, Mr. Chairman. The Standing Committee on Accountability and Oversight reviewed Bill 17, Forgiveness of Debts Act, 2002-2003, on August 13, 2002.

The committee would like to thank the Minister of Finance and his officials for presenting the bill. This bill will forgive $3,342,867.36. Mr. Chairman, during its review of the bill, the committee expressed a number of concerns. Committee members suggested that the credit history of an individual, corporation or other organization should be kept on file and considered in any future credit application to this government and its agencies. In 2000-2001, the committee had recommended to the government that a central credit monitoring system be established to reduce and better manage the government's lending risk. Committee members were encouraged to hear that the government has implemented the committee's recommendation.

The committee also noted that the bill would forgive the remaining debt of Great Slave Forest Products Limited. Great Slave Forest Products was a subsidiary of the Northwest Territories Development Corporation. Committee members requested additional information from the government. During the committee's consideration of the bill, it was confirmed that the assets of the subsidiary were sold by public tender and applied to the money owed to the Northwest Territories Development Corporation. The subsidiary was closed down as it continued to be a money losing operation, despite significant government subsidies. Patterson Enterprises, which comprised one of the three companies purchased by the Development Corporation to form Great Slave Forest Products Limited, is separate and distinct from Patterson Sawmills.

Mr. Chairman, following the committee's review, a motion was carried to report Bill 18, Forgiveness 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.