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Public Accounts committee That is correct.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee The $2.8 billion is part of that because the Minister of Finance is the governor for the World Bank.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee I'm sorry, I was referring to Global Affairs, as my colleague Brad Recker is pointing out. Pardon me, you're asking, what is the $2.2 billion from the department?
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee Is that money from Global Affairs to the World Bank?
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee And we have finance numbers, too.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee That's correct. Under finance, you have the International Development Association for multilateral debt relief. Those are amounts that are paid to the World Bank, as well as the African Development Fund, so the African Development Bank.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee I see your question. No, that is a different line.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee That's correct.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee Correct.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee Where does the Global Affairs amount go to?
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee Yes, we charge a guaranty fee.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee I don't have that in front of me, but I could easily get that for you.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee Actually I do have it. We raised $22 million in the current fiscal year from that guaranty fee.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee It's equivalent to 2.2% of the premiums. This is a situation where the two private sector entities are insuring mortgage loans in exchange for the government guaranty, which is a 90% guaranty in the case of default. We charge a fee equivalent to 2.25% of the premiums they raise.
October 31st, 2018Committee meeting
Paul Rochon
Public Accounts committee Is that in volume one?
October 31st, 2018Committee meeting
Paul Rochon