Madam Speaker, I thank the hon. member for her question and thank her for her courtesy in providing me with advance notice of the question.
During the 1980s almost $1 billion in accumulated farm debt in the Farm Credit Corporation was effectively written off by the Government of Canada. This was followed by a policy review beginning in 1989 which resulted in a new mandate for the Farm Credit Corporation which was accepted I am told with broad support in the House of Commons at that time and brought into effect in the spring of 1993. That new mandate includes the
enhancement of rural Canada by providing specialized financial services that are related to farming.
In our election platform last fall, we proposed three new financial instruments to assist farmers: an agricultural equity development program, a vendor loan guarantee program and a long term mortgage program, including certain protections against interest rate fluctuations.
I am pleased to tell the hon. member that the Farm Credit Corporation is now making substantial progress in devising the details of these new instruments, as we had undertaken to do in the fall of last year. I hope to be in a position to make some specific announcements this spring.