Madam Speaker, in his speech, the member referred to the Canada EI Financing Board, which was included in the last budget. As I recall, that called for some $2 billion to be transferred to this new board for seed money, then it would administer the ins and outs of the employment insurance program.
My understanding, though, is that the board has not yet been set up and that the $2 billion of seed money has not been provided. It does not exist, so I would hope the member would provide some clarification on why he even raised it.
If that does not exist, then we still have this EI surplus in the notional EI fund, which has a $50 billion-plus surplus. Under the rules, two years of surplus have to be retained for recession purposes and a board would determine the premiums to be set. Therefore, the only way to deal with the excess surplus is either to reduce premiums or to introduce new programs, neither of which have been done because those members ignore the fact that the EI fund actually exists.
Would the member care to clarify whether we have a financing board or whether the EI fund still exists and whether either of these are in fact operational for recession purposes?