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View Peter Julian Profile
NDP (BC)
Thanks so much for being here today, Mr. Denham. I appreciate your comments about concerns with the banks.
I'm very much in touch with small businesses in my riding. A lot of them have found that there's been no support at all from Canada's big banks despite the fact that, as the OSFI tells us, there's been an accumulative level of support of three-quarters of a trillion dollars, $750 billion in liquidity, showered on Canada's big banks. They've declared five billion dollars' worth of profit so far in the pandemic. There is a real, emerging concern about this. I appreciate your legitimately saying that this is something that we absolutely have to monitor.
Do you have a sense of what the average interest rate would be for the BCAP loans once they start to be approved?
I understand that there's no cap, but do you have a sense of what the average interest rate would be or what the range would be from Canada's big banks on these loans?
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