Thank you, Mr. Chair. The Member is right; I am aware of a number of these discussions going back some years now. She's used this point as an example, but there are many other issues that have come before us and have been debated. There have been a lot of discussions around whether or not that is how we should conduct ourselves and whether or not that is how our program should be structured if, in fact, that makes sense to still be doing, if it used to make sense, or are we in this kind of business. There were many questions.
I think we had a couple of possible approaches here. We could have conducted a program and service review of the three separate entities and done that and then had some discussion around our programs and services and then tried to go out and structure a new board and have them carry out those new functions. But it was going to be very difficult to have the three separate entities conduct this program and service review and speak to gaps and overlap and who should be doing what. The approach that we decided to take -- and this wasn't without some debate at committee and there were varied opinions on this -- was to structure and create a new organization, create the board, get board members, hire the CEO and have the organization set up.
Immediately, as the board's first task, I would direct a program and service review so that we could have those very good discussions about the types of businesses that we engage in and what our priorities and mandate should be and have a look at those programs and services. As I have said, identify gaps, identify overlap.
The Member has pointed out issues around whether we are a lender of last resort and whether or not we should be lending in tax-based municipalities. I tend to believe that if somebody is accessing funding currently in one of the tax-based municipalities where chartered banks do operate and that kind of funding is available, then I think you could see that if somebody has a loan with us and are paying a premium interest, it is because they can't get banking from a chartered bank. Anybody who can get cheaper financing, I would suggest, would. That is a perfect example of the kinds of things that need to be discussed and debated.
I am expecting the new board will carry out this program and service review and come back with some recommendations, and then we will have some discussion. I have indicated to committee that they would obviously be involved in that discussion. Thank you.