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View Peter Julian Profile
NDP (BC)
I guess that's my point. The big banks have announced $5 billion in profits so far during this pandemic. They've been showered with various levels of support. Putting aside the EDC, the OSFI estimates it is $750 billion in liquidity supports to date. If there is no cap on interest rates, the government is socializing all of the risk but the banks are privatizing all of the profit. I think that would be of concern to a lot of Canadians.
You mentioned the issue of deferrals. What are the provisions in this program for a deferral or interest in kind? That has certainly been a controversy in the LEEFF program, whereby Canada's largest companies get monies but don't have to pay interest on it. For folks who have mortgages on their homes, the mortgage deferrals still come with all kinds of penalties and fees, and with interest charges on top of charges. What are the provisions in this program for smaller companies to pay interest in kind or to have an interest-free deferral over a period of a year or two, as with the LEEFF program?
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