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Archived Fisheries Improvement Loans Act - Annual Report - 2000-2001

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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. Wouters

45th 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

1. Summary of Operations

2. Loans and Repayments to Lenders


TABLE 1
Summary of Operations
From Inception to March 31, 2001

FISCAL YEAR

Loans Registered

Average 
Size of
Loan

Claims Paid

Recoveries of Claims Paid

Write-off Claims 
Paid

 

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