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Fisheries committee  In fact you are right. This is a sector we have always worked with and we will continue to do so. The BDC will not abandon any sector because they are temporarily in difficulty. One-third of our portfolio is invested in the manufacturing sector. And this sector has already been in transition for two years now.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  There are processors but also fishers. I was looking at these statistics. They show that in the case of fishermen, it is the number of loans that is high, whereas in the case of the processors, it is the amount of money. We're talking about approximately $82 million.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  It could be to purchase the building they are in or equipment they need for processing. In the end, the loans serve to purchase whatever they need to work well. We concentrate on the equipment they need in order to manufacture. In this area, loans pertaining to operations given by financial institutions affect operating funds, that is to say the money these people need in order to be able to buy and to produce.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  Exactly.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  I think what I could suggest to you is that probably a certain number of these that you're looking at could benefit from having the operating line of credit guarantee when it is available.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  Yes, we're anticipating about $300 million over a period of 18 months.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  In small transactions, that would be 350 to 400 average probably, so I would say that's just about $300 million over that.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  It has not been in the operating facility, you're quite right. But we have actually some of these processors as well as fishermen as clients for the long term, there's no doubt.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  Exactly.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  I think there are two things. The ones who are really in dire need at the moment are the ones who didn't have a relationship with a financial institution. Allow me to be transparent here. The second piece is that some of these players had difficulty even before the recession. So one could argue that perhaps their business model wasn't the right one even before the recession, so it's even harder for them today to find financing.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  That is a very good question. In fact, I would refer you to the Business Development Bank of Canada Act. The BDC must work in a complementary fashion in the marketplace. As a result, if it takes more risks, it also has to charge a little more. The answer to your question is that we have a slightly higher risk premium than the other financial institutions.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  You're very welcome.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  The BDC. I think the exact number is probably about 380.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  Prior to the recession, BDC had never actually offered an operating line of credit. We are not in that business. We are in the business of financing projects, and the projects are normally the purchase of fixed assets or the expansion of a market, or if you want to develop a new product, we provide term financing, which is normally for three years up to about 30 years.

June 11th, 2009Committee meeting

Edmée Métivier

Fisheries committee  For operating facilities, the guarantee is about to be launched as soon as it is announced by the Canadian government. So it's just about to be put in place.

June 11th, 2009Committee meeting

Edmée Métivier