I'll just quickly summarize the point that while fair market value is relatively simple to calculate when it comes to signs and office space and these sorts of things, interest rates have a lot to do with the individuals and the guarantors and a lot of other issues. In fact, sometimes you can consider to be getting a fair market value for an interest rate that could actually be very low, relatively speaking.
To even the playing field, we would suggest that the bank rate plus 1% be the minimum of an interest rate charged for loans in these circumstances so that there aren't those types of loopholes available for people to essentially be making contributions, justifying that somehow they could have had access to a loan that would have had a very preferential rate of interest. So there is, I think, a bit of fairness on that item.
The Chief Electoral Officer has written to you about reporting and making sure that's uniformized in one report, rather than creating multiple reports. I'd strongly recommend that you take that suggestion.
With respect to the responsibility of political parties, as Mr. Gardner has said, a party can become an unwitting guarantor of a debt. I think we should follow Mr. Gardner's suggestion and simply delete this subsection or find some way to ensure that the registered party or association will be aware of the stipulation and agree to guarantee any loan that could eventually become a debt.
This option would ensure that everyone is on the same page. Moreover, when I last appeared before this committee, I strongly suggested that you amend the Elections Act to allow the transfer of campaign debts to a party or to a registered association. This bill would provide us with the possibility to at least transfer a debt arising from a loan, if not a common debt.
Once again, we strongly support this bill and we hope that you will be able to pass it quickly.