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Archived Fisheries Improvement Loans Act - Annual Report - 2001-2002

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Her Excellency
The Right Honourable Adrienne Clarkson, P.C.,C.C.,C.M.M.,C.D.
Governor General of Canada
Rideau Hall
1 Sussex Drive
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, 2002.

Respectfully submitted,

Robert G. Thibault
 


The Honourable Robert G. Thibault
Minister of Fisheries and Oceans
Ottawa, Ontario
K1A 0E6

Dear Mr. Thibault:

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, 2002.

Yours sincerely,

Peter Harrison, Ph.D.


46th 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 2001-2002. Guaranteed loans outstanding at the beginning of the fiscal year totalled $ 14,811. In the same period, $ 4,598.01 in recoveries has been received on subrogated debts.

Accounts Written-off

In fiscal year 2001-2002, 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, 2002.

LIST OF TABLES

1. Summary of Operations

2. Loans and Repayments to Lenders


TABLE 1
Summary of Operations
From Inception to March 31, 2002

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 305

335,196

1,099          
April 1, 1957 to March 31, 1958 136 149,960 1,103 -- -- -- -- --
April 1, 1958 to March 31, 1959 144 177,040 1,229 1 278 -- -- --
April 1, 1959 to March 31, 1960 127 170,382 1,342 1 -- -- -- --
April 1, 1960 to March 31, 1961 142 217,296 1,530 -- -- -- -- --
April 1, 1961 to March 31, 1962 179 283,808 1,586 2 338 -- -- --
April 1, 1962 to March 31, 1963 144 214,816 1,492 -- -- -- -- --
April 1, 1963 to March 31, 1964 202 368,229 1,823 -- -- -- -- --
April 1, 1964 to March 31, 1965 238 459,648 1,931 -- -- -- -- --
April 1, 1965 to March 31, 1966 341 1,097,962 3,220 3 1,894 -- -- --
April 1, 1966 to March 31, 1967 348 1,420,539 4,082 2 1,433 46 -- --
April 1, 1967 to March 31, 1968 280 1,273,924 4,550 1 600 -- -- --
April 1, 1968 to March 31, 1969 202 1,103,491 5,463 2 2,347 -- -- --
April 1, 1969 to March 31, 1970 360 2,579,005 7,164 3 6,510 3,891 -- --
April 1, 1970 to March 31, 1971 467 3,229,641 7,066 2 8,000 -- -- --
April 1, 1971 to March 31, 1972 692 5,296,814 7,654 -- -- -- -- --
April 1, 1972 to March 31, 1973 910 7,070,356 7,769 4 10,532 750 -- --
April 1, 1973 to March 31, 1974 1,152 10,762,552 9,342 4 16,613 878 -- --
April 1, 1974 to March 31, 1975 933 12,420,268 13,312 3 10,785 3,409 -- --
April 1, 1975 to March 31, 1976 920 12,839,670 13,956 11 52,236 -- -- --
April 1, 1976 to March 31, 1977 854 12,349,366 14,461 16 45,591 5,603 -- --
April 1, 1977 to March 31, 1978 927 18,830,481 20,313 42 401,979 8,437 -- --
April 1, 1978 to March 31, 1979 1,490 28,317,786 19,005 28 298,437 1,272 -- --
April 1, 1979 to March 31, 1980 1,408 27,805493 19,748 29 228,302 4,474 -- --
April 1, 1980 to March 31, 1981 1,158 23,370,203 20,182 22 221,491 3,546 -- --
April 1, 1981 to March 31, 1982 700 12,551,773 17,931 56 566,550 18,348 -- --
April 1, 1982 to March 31, 1983 743 11,448,653 15,409 71 1,525,477 12,490 -- --
April 1, 1983 to March 31, 1984 872 16,031,488 18,385 117 4,015,441 26,613 -- --
April 1, 1984 to March 31, 1985 880 14,965,020 17,006 99 2,500,398 170,880 -- --
April 1, 1985 to March 31, 1986 945 18,817,537 19,913 93 3,570,540 58,713 -- --
April 1, 1986 to March 31, 1987 753 17,448,754 23,172 41 1,436,268 79,583 -- --
April 1, 1987 to March 31, 1988 -- -- -- 10 429,660 80,816 -- --
April 1, 1988 to March 31, 1989 -- -- -- 6 225,928 47,543 -- --
April 1, 1989 to March 31, 1990 -- -- -- 1 91,470 238,850 -- --
April 1, 1990 to March 31, 1991 -- -- -- 5 164,717 25,167 162 1,026,820
April 1, 1991 to March 31, 1992 -- -- -- -- -- 47,501 62 388,126
April 1, 1992 to March 31, 1993 -- -- -- 4 74,882 158,004 71 363,027
April 1, 1993 to March 31, 1994 -- -- -- 1 79,645 145,699 7 215,857
April 1, 1994 to March 31, 1995 -- -- -- 2 22,783 58,048 63 2,293,749
April 1, 1995 to March 31, 1996 -- -- -- -- -- 33,238 -- --
April 1, 1996 to March 31, 1997 -- -- -- -- -- 19,476 233 8,975,977
April 1, 1997 to March 31, 1998 -- -- -- -- -- 21,600 3 154,534
April 1, 1998 to March 31, 1999 - -- -- -- -- 39,763 5 32,308
April 1, 1999 to March 31, 2000 -- -- -- -- -- 19,530 -- --
April 1, 2000 to March 31, 2001   -- -- -- -- 28,764 -- --
April 1, 2001 to March 31, 2002 -- -- -- -- -- 4,598 -- --
TOTAL 18,952 263,477,151 13,902 681 16,011,125 1,367,530 606 13,450,398

TABLE 2
Loans and Repayments to Lenders
As at March 31, 2002

Period

Loans Made
$

Repayments
$

Balance of Loans Payable to Lenders $

Period 9:

July 1, 1985 to June 30, 1987

29,999,905

29,993,045

6,860

Total

29,999,905

29,993,045

6,860