Fisheries committee  That would be only for the last transactions in the last 90 days, yes.

Fisheries committee  Yes, it is.

Fisheries committee  Our portfolio in the fishery sector at the moment is $160 million.

Fisheries committee  In the last 90 days, we just approved probably about $20 million, I would say.

Fisheries committee  We do have about 400 companies that bank with BDC at the moment in the sector, so that would represent probably an acquisition of between 10 to 15 clients, because our average loan size is about $350,000.

Fisheries committee  Yes, exactly.

Fisheries committee  Foreign banks.

Fisheries committee  Some have. As a matter of fact, there are two ways. When this bank failed, a lot of these companies didn't have alternatives. They either knocked on our door or knocked on the door of a financial institution. In some cases, the financial institutions have come to us to share the risk.

Fisheries committee  The BCAP program was a collaborative effort, so instead of a bank declining a transaction—for instance, because they have reached a limit internally, either on the sector or for the borrower—instead of declining access to credit, they would refer it to BDC. That's what I mean by a limited access to credit.

Fisheries committee  Thank you very much, Mr. Chairman. Good afternoon. Thank you for having invited me. I'm very pleased to be here with you today. I understand that within the context of your study of the Atlantic lobster fishery, you would like to know what the BDC is doing to improve access to financing.

Subcommittee on Canadian Industrial Sectors committee  I believe, yes--

Subcommittee on Canadian Industrial Sectors committee  No.

Subcommittee on Canadian Industrial Sectors committee  It would be my pleasure.

Subcommittee on Canadian Industrial Sectors committee  I think that's a very good question. I can only answer on a personal basis, because I think this is the realm of the finance department of BDC. I believe that some form of regulation will be needed if we want to avoid this catastrophe in the future. You're quite right, they will come back.

Subcommittee on Canadian Industrial Sectors committee  That's a very tough question. How do you define “creditworthy” when banking is an art much more than a science? There are elements in creditworthiness. Prior to the beginning of the recession 12 months ago, a company could have been profitable and it could have had a leverage that was reasonable.