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May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee The obligation is not there, but we do it anyway, for transparency sake. It is fully accessible on our website.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee We think it will leverage $3 billion.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee Yes--it's $100 million.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee No, we do not.
May 28th, 2009Committee meeting
Steve Berna
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee Banking leverage is very similar. Banks around the world leverage differently. That's why some are in more trouble than others. Bank leverage in Canada is somewhere around the 20-times area on that.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee We're going 30 times, but it's not a parallel scenario, because the banks take what you put on deposit as people and turn around and lend out 20 times. There is no other revenue stream backing that up. The reason we can get 30 times leverage from the rating agencies and the banking syndicate is that we have $100 million and leverage it out, but we also have the revenue streams that they're using to repay the debt.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee The property tax regulations have been developed. They're done. Fifty-two first nations are working through the process right now, which will come through our door in the next 12 to 18 months due to a debenture. They're done. They're much smaller in size. The other revenues are anything that are stable revenues.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee It will be KPMG.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee No. We're not a private bank like that.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee Our operations will not be. The operations are audited by KPMG. In my previous life at the Municipal Finance Authority, when the province allowed us to build up the equity that we needed to access markets, the province put in place an area that said they had the right to come in, to make sure the $100 million was being looked after properly.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee No. We're subject to the rules under our act, which was created and which calls for an audit by an independent audit firm.
May 28th, 2009Committee meeting
Steve Berna
Indigenous and Northern Affairs committee Thank you to the committee for the chance to speak today. The First Nations Finance Authority is modelled after a very successful operation in B.C. called the Municipal Finance Authority. It's been in operation since 1970 and in 39 years has never had a default on payment from any of its members, which is an absolutely sterling record.
May 28th, 2009Committee meeting
Steve Berna