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November 25th, 2010Committee meeting
Jody Aylard
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee I do have the numbers. Farm debt mediation is a confidential process, and generally we don't like to talk about numbers less than 10 for any individual province. I can say that for Atlantic Canada there were 15 applications this year, for the four Atlantic provinces, and 12 appli
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee Under HILLRP, there were 263 loans issued for a total of $408 million. That program is finished now, so that's the maximum amount that will be issued under the program. They're distributed across the country in terms of the number of loans.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee Yes. Where they've used those as security, those offset the advance.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee Each individual case for a farmer is different, so forecast numbers are a challenge to put forward. The situation, though, just to clarify, with the emergency advances that most of the hog producers and a large portion of the cattle producers took in 2008-09, the security require
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee Because the conditions of the emergency advances were different from the regular program.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee That's correct.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee I wouldn't say it was ignored. It was just a different condition under the emergency advance situation.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee The advances are in two parts. There's an interest-free portion and an interest-bearing portion. In the case of a default, the producer would pay 0.25% on the interest-free portion back to the date of the advance to the date of the default.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee He or she owes the interest that was charged for the interest-bearing portion over that same time period, and then from the day of default to the day they pay the full balance, it's prime plus 1.5%.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee This is the requirement under the act we have, the legislative rules to follow--
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee Yes, and then--
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee That is correct. Again, that is a legislative rule.
November 25th, 2010Committee meeting
Jody Aylard
Agriculture committee Yes. Advances are made--
November 25th, 2010Committee meeting
Jody Aylard