Mr. Speaker, it is a pleasure to be in the House this evening to ask a few questions regarding the Muskrat Falls project in Newfoundland and Labrador. The timing of this question is quite interesting because today the public utility board in Newfoundland started some public hearings into the Muskrat Falls deal.
There are many people back home asking questions about this deal, such as what the true value of it is and if it will benefit Newfoundland and Labrador. Many people are skeptical of the deal. Today in the public utilities board meeting there were a lot of comments around the financing of the deal, whether it would go over budget and by how much or whether it would it go under budget.
A lot of this surrounds the question I asked in the House regarding the loan guarantee from the federal government. We need to look at the timeline. The loan guarantee was promised prior to the election. The memorandum of understanding was signed in the summer. Some deadlines were put in place. August 31 was one deadline and another was November 30. All these seem to have come and gone and we have received no clarity.
I want to quote from the memorandum of agreement that was signed between the province and the federal government. It states:
The Parties agree that time shall be of the essence in this agreement and will be bound by this agreement including the following timelines, unless otherwise extended by mutual agreement: on or before August 31, 2011 -- announcement of the terms of this agreement; on or before November 30, 2011 or 8 weeks following access by the Government of Canada to the projects’ data room...
I will get back to that in a second, because that is where my question is going to be. It continues
—and detailed analyses and representations by credit rating agencies--agreement on term sheet for engagement with capital markets; and on or before financial close--completion of formal agreements for provision of the loan guarantee.
My first question for the parliamentary secretary is on this eight weeks following access to the Government of Canada's projects' data room. Has the Government of Canada had access to the projects' data room? If so, when? One of the things in the agreement states that it needs to be reported back eight weeks after that has happened.
As well, who is the financial adviser on this file? Again, the memorandum of agreement states:
—the federal government is retaining financial advisors to complete due diligence analysis. The purpose of due diligence is to assist the Government of Canada in the implementation of the Memorandum of Agreement. The Request for Proposal for financial advisors is posted on the Government Electronic Tendering Service (MERX) and will close on September 6, 2011.
The government has tendered for financial analysts. The Minister of Natural Resources has confirmed that a financial adviser is in place, but has not stated when these details would be finalized.
Therefore, my other question to the parliamentary secretary is this. Who is the financial adviser on this file and what is the timeline when he or she will come back and report to the federal government on the particular outlines of this agreement?
These are a couple of specific questions regarding Muskrat Falls that people are wondering, and the timing of the question this evening is very prudent.