Finance committee  Smurfit-Stone suffered a $7,000 loss because of ABCPs, which is insignificant given the size of the plan.

Finance committee  In the United States, the senior management of Smurfit-Stone gave themselves a $47-million bonus. Meanwhile, in Canada, they are turning to the CCAA, the Companies' Creditors Arrangement Act, and threatening to close down some plants, and, if they go bankrupt, to cut workers' pensions.

Finance committee  Yes, I am, at the moment.

Finance committee  Yes.

Finance committee  Yes, that is correct. I am not that familiar with the legislation myself, but I think Renaud knows more about it than I do. I believe that an act on pension plans was recently passed. It is designed to protect workers from losses. I do not know whether it is in force yet or whether it will be soon, but I am sure Renaud will have a better idea than I do.

Finance committee  On average, a pensioner receives approximately $30,000 per year. If we chop off one-third of this income, a pensioner has only $20,000. The most likely effect is that the pensioner will be forced to cut his or her expenses. Some might even have to declare personal bankruptcy. In addition, the many pensioners who do not currently have access to the Guaranteed Income Supplement will have to resort to it.

Finance committee  Take, for example, La Tuque, which is a single-industry town, and Matane, which is practically a single-industry town. There are many such towns throughout Quebec, which subsist on that main industry alone. When an industry goes bankrupt, entire communities and villages are dismantled; ultimately, it is the government that has to pick up the pieces because people must turn to social assistance, the Guaranteed Supplement Income and so on.

Finance committee  Good morning. My name is Germain Auclair, and I have been the Vice-President of the Smurfit-Stone Retirement Committee for the last 20 years. This committee represents factories in Burlington, Matane, La Tuque and Pointe-aux-Trembles. Everyone knows that Smurfit-Stone is protected under the Companies' Creditors Arrangement Act here in Canada, and chapter 11 of the U.S.