Mr. Speaker, in reply to the question from the hon. member for Bonavista—Gander—Grand Falls—Windsor, the hon. member would know that Newfoundland and Labrador has a great deal under the accord. In 2005, for the first time, it received 100% of its offshore. He would also know that as the deal is written it will lose that when it loses equalization.
Therefore, the issue is that under the new equalization agreement Newfoundland will be the chief beneficiary of 50% of its offshore revenues. The new deal is a good deal for Newfoundland and Labrador. The old deal was a good deal for Newfoundland—