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Public Accounts committee I can't tell you offhand, but I can easily get you that information.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee The guarantee is provided to the private sector insurers because there's an implicit 100% guarantee on the CMHC as a crown corporation of the Government of Canada. Therefore, to allow for some form of level playing field, the government has said they will guarantee 90% of the los
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee The benefit of having the private sector insurers is that they are, at a minimum, responsible for the first 10% of their losses. The way that guarantee would operate is that effectively those insurers would need to go bankrupt before we would put in place a guarantee. Clearly the
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee Can you direct us to the table?
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee These are the insurance programs that are managed by CMHC, for which the Minister of Finance has the authority to set an overall limit.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee Yes, it includes CMHC. It's essentially the Minister of Finance who authorizes limits for the mortgage insurance programs run by CMHC.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee Sorry, I should be clear. It's actually CMHC, the Canada Guaranty, and Genworth, the three mortgage insurers that operate in Canada.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee That's right. The $215 million, David was just telling me, relates to the two private insurers, Genworth and Canada Guaranty.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee There's $215 million in a limit that is established for the two private sector mortgage insurers, which are Genworth and Canada Guaranty.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee The remainder is for CMHC.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee I think an estimate could be made based on data from the Canada Revenue Agency.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee It is in the databases of the Department of National Revenue.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee There are definitely confidentiality issues. Perhaps I could get back to you and tell you whether it is possible to publish aggregate data on that.
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee Both in the Department of Finance and at the Bank of Canada, we put a lot of time into debt management in doing an analysis of what we think is the right and optimal approach to debt management for the Government of Canada. The types of issues we debate and analyze are related to
November 3rd, 2016Committee meeting
Paul Rochon
Public Accounts committee Thank you. For the year that just ended, the projected deficit turned out to be $4.4 billion lower than originally estimated in the 2016 budget. That is $4.4 billion in the context of a total budget that includes $300 billion in revenues and $300 billion in expenses. The expense
November 3rd, 2016Committee meeting
Paul Rochon