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Fisheries Improvement Loans Act - Annual Report - 2002-2003
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 2002-2003. Guaranteed loans outstanding at the beginning of the fiscal year totalled $ 6,860 and were repaid in full by the March 31, 2003. In the same period,
$ 4,659.24 in recoveries has been received on subrogated debts.
Accounts Written-off
In fiscal year 2002-2003, 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, 2003.
LIST OF TABLES
| FISCAL YEAR | Loans Registered Number | Loans Registered Amount $ |
Average Size of Loan | Claims Paid Number |
Claims Paid Amount $ |
Recoveries of Claims Paid | Write-off Claims Paid Number |
Write-off Claims Paid 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 | -- | -- | -- | -- | -- |
| 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 | 3,299,641 | 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 | 27,805,493 | 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 | -- | -- |
| April 1, 2002 to March 31, 2003 | -- | -- | -- | -- | -- | 4,659 | -- | -- |
| TOTAL | 18,952 | 263,477,151 | 13,902 | 681 | 16,011,125 | 1,372,189 | 606 | 13,450,398 |
| 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 |
