Thank you, Mr. Dent. Minister Handley.
Debates of Feb. 27th, 2003
This is page numbers 365 - 404 of the Hansard for the 14th Assembly, 6th Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was chairman.
Topics
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Joe Handley Weledeh
Mr. Chairman, yes. We have had to pay the bank on one loan guarantee, roughly $2.6 million, and we have an arrangement whereby the guarantor is paying us back. Thank you.
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Charles Dent Frame Lake
Thank you, Mr. Chairman. Could I get that confirmed? I believe I heard the Minister say that the person or the company that we had provided a guarantee for is actually going to pay us back the entire amount that we had to make good to the banks.
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Joe Handley Weledeh
Mr. Chairman, we had a guarantee from a parent corporation who now are paying us back.
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Charles Dent Frame Lake
Thank you, Mr. Chairman. Will that pay back include interest on monies advanced? Since we do not have any cash sitting in the bank, if we spend the money it is typically on our operating line. So it costs us money to pay the banks back money that we have guaranteed. Do we recover that or is that lost funds?
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Joe Handley Weledeh
Mr. Chairman, the agreement we came to with the parent company is that, for the first five years of the five-year agreements we have in place now, the parent company will not pay us interest on the money. So that would be money that we would have to absorb. But at the end of five years, then that is all subject to review. Thank you.
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Charles Dent Frame Lake
Thank you, Mr. Chairman. I was wondering if I can find out over what length of time will the company be paying back the $2.6 million?
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Floyd Roland Inuvik Boot Lake
Thank you, Mr. Chairman. Mr. Chairman, just to continue on a little more on this line of questioning about loan guarantees. The Minister states that there is an increase for that. My question is, what do we have totally outstanding in loan guarantees to do with the secondary industry?
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Floyd Roland Inuvik Boot Lake
Thank you, Mr. Chairman. So that is the total of loan guarantees that we have for the secondary diamond industry. All guarantees? Thank you.
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 396
Joe Handley Weledeh
Mr. Chairman, yes, that is all there is. That is in addition to the $2.6 million that we just referred to in answer to Mr. Dent's question. Thank you.
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 397
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 397
Floyd Roland Inuvik Boot Lake
Thank you, Mr. Chairman. Is that guaranteed debt included in our net debt numbers?
Clear And Consistent Financial Reporting Protocols
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 397