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Finance committee  I don't have the details as to what the specific rate of interest might be on the proposed transactions. They're engaged with various financial advisors, and for those details you'd have to go to CBC. Probably the CBC would have to give you those details.

October 27th, 2009Committee meeting

Wayne Foster

Finance committee  Sure, yes.

October 27th, 2009Committee meeting

Wayne Foster

Finance committee  That is the proposed and approved structure of the transaction that the CBC could--

October 27th, 2009Committee meeting

Wayne Foster

Finance committee  The current limit is $25 million. The CBC has not actually borrowed to this date; the increase will allow them to borrow a larger amount, up to $220 million. The proposed structure of the borrowing is by way of monetizing certain receivables, so it'll be a market borrowing. It won't be at the government's rate; it'll likely be higher than the government's rate.

October 27th, 2009Committee meeting

Wayne Foster

Finance committee  I'm Wayne Foster, director of the financial markets division at the Department of Finance.

October 27th, 2009Committee meeting

Wayne Foster