Mr. Speaker, my question is for the Minister of Industry.
The Department of Western Economic Diversification has loaned $670 million to companies in the four western provinces since the Tories invented the department. Only about 25 per cent of those loans are currently being repaid. Many experts predict that the default rate will be in the 40 per cent range.
Given that the minister has publicly stated he is not in favour of massive subsidies and that he said earlier today that he favours private sector development, is he prepared to admit that regional development programs are not effective ways of enhancing Canada's economy?