Thank you, Mr. Chairman. The Member is correct; it's been about two years now that we passed this legislation to create this new entity. I am very happy with the board, the board chairman, Darrell Beaulieu I think is doing a great job in leading this organization and has a strong board around him. We have undertaken a number of proposed changes to some of the programming and it's been some time we have been working through those. A lot are related to lending vehicles. The BDIC is interested in becoming more of a full service lender. Some of it requires regular change and some of it doesn't. But we are putting together a presentation for committee, which I believe is scheduled to present to committee next week. There are a number of changes that are making as a department for some of the grants and contributions that we are responsible for and a number of other changes proposed that the BDIC currently has control over in terms of their programming.

Also undertaken was a review of the subsidiaries. We are working on some additional businesses that we would like to see reinvigorated and stimulated and point to the Arts and Crafts Co-op in Ulukhaktok. I think there is a long, proud tradition of printmaking in that community and arts and crafts. We are trying to stimulate and restart the effort there because it is something the community and the artisans miss. We spent some money upgrading that facility over the winter because there were some structural concerns, but we are working as an organization to stimulate businesses, new businesses. We are tracking the value of loans. Last year to December 2006, the value of loans that were put out there by the BDIC was $5.2 million and most of those were in level three communities or our smallest communities, almost double what we have in our market-based communities.

So the focus is shifting somewhat. Philosophically, I think I have spoken with Members in the past about my desire to see the loans eligible in all communities, but the grants, the contributions primarily targeted at our smaller, non-market communities and you will see that reflected in the revised programming that we are proposing to come to committee with. Thank you.