Finance committee  Again, I think the best-case scenario is a limited amount of exposure. The EDC is currently guaranteeing 90% of Canadian RV manufacturer receivables in the States. It's just a little bit of an extension of the current BCAP program that is in place, which could add other suitable

Finance committee  The banks aren't willing to lend to the recreation vehicle industry on a floor plan basis any more than what they do right now. So we're trying to entice other lenders into this market.

Finance committee  I was being cut off there so I skipped a few paragraphs. Sorry about that.

Finance committee  Okay, sorry. That was a secondary position, over and above what the recommendation is for the loss guarantee. It was just to provide more funding to the RV industry in tourism.

Finance committee  It's just general exposure, an increase in exposure.

Finance committee  Yes.

Finance committee  Currently there's only one floor plan national lender and it's GE.

Finance committee  There's very little competition among the Canadian banks, and it's only on a very selective basis. The banks have withdrawn from this market, so tomorrow there could only be GE. The next day GE could say they're going to withdraw. We're in an extremely vulnerable position right n

Finance committee  A secondary position, yes.

Finance committee  Our proposal was always up for discussion. The lenders who we have been talking to might only need $3 million or $4 million of secondary loss backstop. The losses in this industry typically are between 30 and 75 basis points. We've proposed a secondary loss guarantee starting at

Finance committee  Good evening, and thank you, Mr. Chair. We appreciate the invitation to be here today in the context of your 2010 pre-budget consultations and hereby take this opportunity to convey to your committee that the wholesale credit crisis continues for the Canadian RV industry today.

Finance committee  Is that the actual dealers themselves?

Finance committee  No. Their cashflow is tight at the best of times. They rely on bank credit.

Finance committee  No. When you say guarantees, there were guarantees such as repurchase agreements from the manufacturers. There were no financial guarantees.

Finance committee  It's 10%. The lender in question would lend up to $200 million with a maximum of 10%, with which the lender is prepared to share the risk.