Mr. Speaker, the hon. member talked about meeting Ontario's standard, or the five province standard, that all he wants is to meet the five province standard. Actually, if he meets Ontario's standard, it is higher than the five province standard because Ontario generally is the second most prosperous province in the country. In fact, it is already an enhanced treatment for Newfoundland over possibly other provinces, and the other provinces may well object to that.
The hon. member talked about making progress. When I hear the premiers of Newfoundland and Labrador and Nova Scotia say that they have made good progress in their productive meetings between themselves and the Prime Minister, then I take them at their word. I think in fact that is true.
This was an offer that was made in good faith by the Prime Minister and the Minister of Finance on behalf of the Government of Canada. It directly addresses the concerns about the additional payments to offset equalization declines associated with oil and gas revenues.
As I said, these arrangements are much more generous than those in place for other provinces that receive equalization. That is because in some respects we are recognizing the special circumstances with which the hon. member is concerned.