Madam Chair, the minister unfortunately did not answer my question of how much the private company that administers the student loan was paid. Again, it manages $24 billion of student loans.
We do know that in 2017 and 2018 Finastra was paid over $77 million to run the student loan program. In fact, the taxpayer paid the company over $410 million over a five-year period to administer the program.
We also know that Finastra most recently had nearly $2 billion in revenues, and its customers include 90 of the top 100 banks globally. Therefore, in sum, Finastra is very successful and making a lot of money.
My question is this. Why did Finastra receive the wage subsidy from the Canadian taxpayer and how much did it receive?