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SUBJECTS
FISHERIES IMPROVEMENT
LOANS ACT
ANNUAL REPORT
2000-2001
To Her Excellency
The Right Honourable Adrienne
Clarkson, C.C., C.M.M., C.D.
Governor General of Canada
Rideau Hall
Ottawa, Ontario
K1A 0A1
May it please your Excellency:
In accordance with Section 14 of the Fisheries Improvement Loans Act, the undersigned has the honour to lay before Your Excellency a report on the administration of the Act for the period ending March 31, 2001.
Respectfully submitted,
The Honourable Herb Dhaliwal, P.C., M.P.
The Honourable Herb Dhaliwal, P.C., M.P.
Minister of Fisheries and Oceans
House of Commons
Ottawa, Ontario
K1A 0A6
Dear Mr. Dhaliwal:
I have the honour to submit to you the Annual Report of Operations under the Fisheries Improvement Loans Act for the year ended March 31, 2001.
Yours sincerely,
Wayne G. Wouters45th ANNUAL REPORT
OF THE OPERATIONS UNDER THE
FISHERIES IMPROVEMENT LOANS ACT
The Fisheries Improvement Loans Act
came into force in December 1955, for an initial period of three years, and was amended from time to time in later years to authorize additional lending periods. The last of these lending periods expired on June 30, 1987, and no further lending under the Act has been authorized.The Small Businesses Loans Act
was amended on June 30, 1987, to include fishing as an eligible business enterprise under the terms of that Act. The Department of Fisheries and Oceans continues to administer outstanding guaranteed loans made in the past under the Fisheries Improvement Loans Act.The purpose of The Fisheries Improvement Loans Act was to facilitate the availability of intermediate and short-term credit to fishermen for the improvement or development of fisheries enterprises. To that end, the Act authorized the Minister of Fisheries and Oceans to guarantee against loss, term loans made to fishermen by chartered banks and other lenders designated by the Minister, for a wide range of fisheries improvement projects.
The repayment terms of a loan depend largely upon the amount borrowed and the particular financial circumstances of the borrower. The repayment period is subject to a maximum term of fifteen years. Fisheries Improvement Loans must be secured.
The total amount of guaranteed loans which a borrower may have outstanding is $150,000.
The maximum rate of interest which lenders may charge on loans guaranteed under the Act is, and varies with, the prime lending rate of the chartered banks plus one per cent.
Claims Paid
No claims were paid in 2000-2001. Guaranteed loans outstanding at the beginning of the fiscal year totalled $ 46,595. In the same period, $ 28,764 in recoveries has been received on subrogated debts.
Accounts Written-off
In fiscal year 2000-2001, no accounts were written-off pursuant to the Bankruptcy and Insolvency Act and the Debt Write-off Regulations.
Appended to this Report are tables showing a summary of operations from inception to March 31, 2001.
LIST OF TABLES
2. Loans and Repayments to Lenders
TABLE 1
Summary of Operations
From Inception to March 31, 2001
|
FISCAL YEAR |
Loans Registered |
Average |
Claims Paid |
Recoveries of Claims Paid |
Write-off Claims |
|||
|
Number |
Amount $ |
Number |
Amount $ |
Number |
Amount $ |
|||
|
December 12, 1955 to March 31, 1957 April 1, 1957 to March 31, 1958 April 1, 1958 to March 31, 1959 April 1, 1959 to March 31, 1960 April 1, 1960 to March 31, 1961 April 1, 1961 to March 31, 1962 April 1, 1962 to March 31, 1963 April 1, 1963 to March 31, 1964 April 1, 1964 to March 31, 1965 April 1, 1965 to March 31, 1966 April 1, 1966 to March 31, 1967 April 1, 1967 to March 31, 1968 April 1, 1968 to March 31, 1969 April 1, 1969 to March 31, 1970 April 1, 1970 to March 31, 1971 April 1, 1971 to March 31, 1972 April 1, 1972 to March 31, 1973 April 1, 1973 to March 31, 1974 April 1, 1974 to March 31, 1975 April 1, 1975 to March 31, 1976 April 1, 1976 to March 31, 1977 April 1, 1977 to March 31, 1978 April 1, 1978 to March 31, 1979 April 1, 1979 to March 31, 1980 April 1, 1980 to March 31, 1981 April 1, 1981 to March 31, 1982 April 1, 1982 to March 31, 1983 April 1, 1983 to March 31, 1984 April 1, 1984 to March 31, 1985 April 1, 1985 to March 31, 1986 April 1, 1986 to March 31, 1987 April 1, 1987 to March 31, 1988 April 1, 1988 to March 31, 1989 April 1, 1989 to March 31, 1990 April 1, 1990 to March 31, 1991 April 1, 1991 to March 31, 1992 April 1, 1992 to March 31, 1993 April 1, 1993 to March 31, 1994 April 1, 1994 to March 31, 1995 April 1, 1995 to March 31, 1996 April 1, 1996 to March 31, 1997 April 1, 1997 to March 31, 1998 April 1, 1998 to March 31, 1999 April 1, 1999 to March 31, 2000 April 1, 2000 to March 31, 2001 |
305 136 144 127 142 179 144 202 238 341 348 280 202 360 467 692 910 1,152 933 920 854 927 1,490 1,408 1,158 700 743 872 880 945 753 -- -- -- -- -- -- -- -- -- -- -- -- -- -- |
335,196 149,960 177,040 170,382 217,296 283,808 214,816 368,229 459,648 1,097,962 1,420,539 1,273,924 1,103,491 2,579,005 3,299,641 5,296,814 7,070,356 10,762,552 12,420,268 12,839,670 12,349,366 18,830,481 28,317,786 27,805,493 23,370,203 12,551,773 11,448,653 16,031,488 14,965,020 18,817,537 17,448,754 -- -- -- -- -- -- -- -- -- -- -- -- -- -- |
1,099 1,103 1,229 1,342 1,530 1,586 1,492 1,823 1,931 3,220 4,082 4,550 5,463 7,164 7,066 7,654 7,769 9,342 13,312 13,956 14,461 20,313 19,005 19,748 20,182 17,931 15,409 18,385 17,006 19,913 23,172 -- -- -- -- -- -- -- -- -- -- -- -- -- -- |
-- -- 1 -- -- 2 -- -- -- 3 2 1 2 3 2 -- 4 4 3 11 16 42 28 29 22 56 71 117 99 93 41 10 6 1 5 -- 4 1 2 -- -- -- -- -- -- |
-- -- 278 -- -- 338 -- -- -- 1,894 1,433 600 2,347 6,510 8,000 -- 10,532 16,613 10,785 52,236 45,591 401,979 298,437 228,302 221,491 566,550 1,525,477 4,015,441 2,500,398 3,570,540 1,436,268 429,660 225,928 91,470 164,717 -- 74,882 79,645 22,783 -- -- -- -- -- -- |
-- -- -- -- -- -- -- -- -- -- 46 -- -- 3,891 -- -- 750 878 3,409 -- 5,603 8,437 1,272 4,474 3,546 18,348 12,490 26,613 170,880 58,713 79,583 80,816 47,543 238,850 25,167 47,501 158,004 145,699 58,048 33,238 19,476 21,600 39,763 19,530 28,764 |
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 162 62 71 7 63 -- 233 3 5 -- -- |
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 1,026,820 388,126 363,027 215,857 2,293,749 -- 8,975,977 154,534 32,308 -- -- |
|
TOTAL |
18,952 |
263,477,151 |
13,902 |
681 |
16,011,125 |
1,362,932 |
606 |
13,450,398 |
TABLE 2
Loans and Repayments to Lenders
As at March 31, 2001
|
Period |
Loans Made |
Repayments |
Balance of Loans Payable to Lenders $ |
|
Period 9: July 1, 1985 to June 30, 1987 |
29,999,905 |
29,985,094 |
14,811 |
|
Total |
29,999,905 |
29,985,094 |
14,811 |
