Mr. Speaker, my colleague is absolutely right. This industry is incredibly important to the economy of Newfoundland and Labrador. In the process of these negotiations with the European community, the federal government made very clear commitments to the people and the Government of Newfoundland and Labrador to make sure that this fund would be available to deal with the transition. It made that clear, and the provincial government operated on that basis. It was an investment in the fishery of Newfoundland and Labrador and it was meant to ensure that not only were the effects of the loss of the minimum processing requirements legislation dealt with but also that Newfoundland and Labrador would be able to invest in new and more modern technology to expand the fishery.
In the House of Commons on February 2nd, 2015. See this statement in context.