P.E.I. Opposition wants more disclosure on government loans

The Official Opposition made a pitch Friday for Island taxpayers to receive more information on the conditions attached to government loans to private businesses.

It came in response to the auditor general's concerns over millions of dollars in loans written off by Crown corporations, without taxpayers knowledge.

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Last year, the auditor general raised serious concerns about P.E.I. Crown lending agencies writing off millions of dollars in government loanswithout government approval, and without any way for taxpayers to know the loans were being written off, and who had owed government that money.

Government responded with a bill last fall that would have allowed that information to be published, but it was held up by both opposition parties, and shelved by government at the last minute, over concern the wording gave cabinet the option to choose to keep some write-offs private.

Interest rates and conditions

Now there is a similar bill on the table, with that loophole, as the Opposition considered it, closed. But Friday, the Opposition went further still, asking for more details to be made public about the loans themselves, including interest rates and conditions attached.

"It's not government's money that they're loaning out," said opposition MLA James Aylward. "It is the taxpayers of Prince Edward Island, it is their money."

Government, however, wouldn't budge.

"We're talking about businesses or loans to individuals, small companies, fishermen or farmers and I think the name and the address of that person and the amount of debt would satisfy public disclosure," said Finance Minister Allen Roach.

The Opposition's attempt to modify the legislation Friday was defeated by government, but they introducedmore amendments to the bill around government loan write-offs, and suggested government should go even further with routine disclosure of the details of all loans given out using taxpayer money.

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