David Raymond Amos @DavidRayAmos
Methinks Mr Higgs and Mr Gauvin the new Minister from Shippagan and his
cohorts should not forget the Caisses Populaire de Shippagan nonsense
N'esy Pas?
https://davidraymondamos3.blogspot.com/2019/02/methinks-mr-higgs-and-mr-gauvin-new.html
https://davidraymondamos3.blogspot.com/2019/02/methinks-mr-higgs-and-mr-gauvin-new.html
https://www.cbc.ca/news/canada/new-brunswick/francophonie-games-kris-austin-kevin-arseneault-1.5000507
Green Party, People's Alliance want investigation into botched Francophonie Games bid
109 Comments
Commenting is now closed for this story.
Commenting is now closed for this story.
David R. Amos
Surprise Surprise Surprise
David R. Amos
"While Higgs ruled out an investigation Wednesday, his deputy premier Robert Gauvin told Radio-Canada he was "more and more" in favour of a probe that could cut through the "little political games" and establish the facts. "
Methinks that whereas the Francophonie Games are now non-event the Me Higgs wants to move on for political reasons that have noting to do with ethical conduct. However the province full of so called "clients" he now oversees may be subject to lawsuits and fines etc. long after he loses the PANB support and his mandate is history. in my humble opinion these are not "little political games" as Mr Gauvin suggests.
Some folks keep mentioning the "Atcon Six" but wish to forget the the Caisse populaire de Shippagan nonsense. Even though Mr Arseneau of the Greens Party does not know what it is at least the PANB should agree that common sense dictates that what is sauce for the goose is sauce for the gander ad some serious probes are necessary ASAP N'esy Pas?
Joseph Vacher
Something Something Atcon ..
David R. Amos
@Joseph Vacher Methinks Mr
Higgs and Mr Gauvin the new Minister from Shippagan and his cohorts
should not forget the Caisses Populaire de Shippagan nonsense N'esy Pas?
https://www.cbc.ca/news/canada/new-brunswick/up-to-60m-to-go-to-shippagan-s-credit-union-1.641566
"Boudreau wouldn't say how much of that $60 million will be injected into Shippagan's credit union or whether it's a grant, a loan or a loan guarantee. However, he has said the credit union's future depends on it.
John Williamson from the Canadian Taxpayer Federation said New Brunswickers should pay close attention to the $60 million set aside, because it's roughly the same amount they'll be paying in tax increases in 2007.
"I'd want to know why taxes are going up to pay for bailouts, as opposed to having governments spend money in priority areas," Williamson said Thursday.
"Governing is all about making choices and prioritizing spending. In this case, we have a government which has obviously decided that saving a credit union is worthwhile, despite the fact that no one from the province seems able to explain why it's in the province's interest, or why it's in the taxpayer's interest, to be spending this kind of money."
Opposition critic Bruce Fitch said he wants details now on how the province plans to save the credit union. "Sixty million dollars is a substantial amount of money and I'd like to know exactly what it is going to be used for," he said."
Claude DeRoche
The Irving Boy hates federal money first highway 11 and then this.
Moncton got a "real" airport built with the Congrès Mondial Acadien.
Next he will return $3 Billion in equalization transfers to Ottawa
if New Brunswickers refuse fracking!
That's called blackmail!
Moncton got a "real" airport built with the Congrès Mondial Acadien.
Next he will return $3 Billion in equalization transfers to Ottawa
if New Brunswickers refuse fracking!
That's called blackmail!
Cleve Gallant
@Claude DeRoche Didn’t you just say the same thing on another post?
Tim Raworth
@Cleve Gallant a fools rant
Marc Martin
@Claude DeRoche
Exactly...
Exactly...
Marc Martin
@Cleve Gallant
And ? Not only are you against everything French you now want to remove his right of free speech ?
And ? Not only are you against everything French you now want to remove his right of free speech ?
David R. Amos
@Marc Martin "you now want to remove his right of free speech"
Methinks thats your forte N'esy Pas?
Methinks thats your forte N'esy Pas?
Cleve Gallant
Just wondering why SANB
wouldn’t use130 millon dollars to train bilingual paramedics instead of
ten days of games,Oh I.forgot they expect the English to pay as usual
!!!!!
Marguerite Deschamps
@Cleve Gallant, no one pays
for the French to become bilingual. But we pay for the English to
become bilingual who rarely ever do. It's been an epic failure. That's
the truth.
Cleve Gallant
@Marguerite Deschamps Just
don’t like things shoved down my throat,Oh let me guess you don’t
understand English but yet here you are on an English forum,Kind of
reminds me of the guy who told me he couldn’t understand English but yet
he was at a English theatre,Have a good day anyways
Natalie Pugh
@Marguerite Deschamps
"no one pays for the French to become bilingual" No one has to. everyone is submersed in an English speaking world. One would have to be completely isolated to be exposed to only French speaking people or French only media. I do however agree with you on one point. Bilingualism has been an epic failure and will never work!!!
"no one pays for the French to become bilingual" No one has to. everyone is submersed in an English speaking world. One would have to be completely isolated to be exposed to only French speaking people or French only media. I do however agree with you on one point. Bilingualism has been an epic failure and will never work!!!
Tim Raworth
@Marguerite Deschamps We
all pay for bilingualism and it is a epic failure for sure. So lets not
keep throwing more money at the problem.
Tim Raworth
@Marguerite Deschamps We though you left the country.
Travis Thériault
@Cleve Gallant If French was
being shoved down your throat, you'd be bilingual by now and so would
most other anglophones in this province. If one of the two linguistic
groups has the opposite language being shoved down their throats, it's
technically the francophones. Anglophones are encouraged to learn
French, however unilingual francophones have FAR more disadvantages in
this province than unilingual anglophones.
David R. Amos
@Tim Raworth "We though you left the country."
Methinks SANB minions are drawn to this issue like moths to a flame particularly when their former President Kevin Arseneau thinks it's important for political culture N'esy Pas?
Methinks SANB minions are drawn to this issue like moths to a flame particularly when their former President Kevin Arseneau thinks it's important for political culture N'esy Pas?
Marc Martin
@Cleve Gallant
*Oh I.forgot they expect the English to pay as usual !!!!!*
I am pretty sure I paid more taxes then you ever did in your lifetime buddy.
*Oh I.forgot they expect the English to pay as usual !!!!!*
I am pretty sure I paid more taxes then you ever did in your lifetime buddy.
Marc Martin
@Travis Thériault
Well said sir !!!
Well said sir !!!
Marc Martin
@David R. Amos
Are you still bitter the Liberals wont let you run for them Davis?
Are you still bitter the Liberals wont let you run for them Davis?
John O'Brien
@Travis Thériault Cry me a
river. No Anglophone is gonna shed a tear for you . The day you and your
kind tried to tell NB that Peoples Alliance votes don't count and the
other parties can't associate with them in the Legislature is the day
French credibility died in this province. In a generation the OLA will
be repealed- tossed to the curb like the garbage it is.
daryl doucette
@Travis Thériault "Unilingual francophone".....never met one.
Marc Martin
@John O'Brien
* tried to tell NB that Peoples Alliance votes don't count *
you obviously have a problem reading your own language, where did he say that ?
* tried to tell NB that Peoples Alliance votes don't count *
you obviously have a problem reading your own language, where did he say that ?
Cleve Gallant
@Marc Martin ye buddy prove
it, As if I’m supposed to believe you,How can anyone pay all them taxes
when they spend all their time here on these forms spreading fake news
!!! But try to have a good day anyways
Jake Quinlan
@Marguerite Deschamps --
""no one pays for the French to become bilingual""
Can you explain the mechanism on how a francophone in NB becomes bilingual?
""no one pays for the French to become bilingual""
Can you explain the mechanism on how a francophone in NB becomes bilingual?
Fred Brewer
@Marguerite Deschamps
" no one pays for the French to become bilingual"
Marg, you are correct. Thanks to 2/3 of NB being anglo, you get free anglo immersion 24/7/365. You are welcome.
" no one pays for the French to become bilingual"
Marg, you are correct. Thanks to 2/3 of NB being anglo, you get free anglo immersion 24/7/365. You are welcome.
David R. Amos
@Marc Martin "Are you still bitter the Liberals wont let you run for them Davis"
I have no clue who the dude Davis is However methinks you know as well as I why I would never belong to any political party particularly after the liberal denied my right to vote and assisted in my false imprisonment N'esy Pas?
I have no clue who the dude Davis is However methinks you know as well as I why I would never belong to any political party particularly after the liberal denied my right to vote and assisted in my false imprisonment N'esy Pas?
Marc Martin
*and People's Alliance Leader Kris Austin are both in favour of an investigation. *
Of course he is the committee was French. The anti-French party leader at work !!!
Of course he is the committee was French. The anti-French party leader at work !!!
Rejean Comeau
@Marc Martin Are you saying green MLA Kevin Arseneau is also anti-french...
Ralph Green
@Rejean Comeau your wasting your time he doesn't know what he is talking about most of the time.
Shawn McShane
@Marc Martin Green MLA Kevin Arseneau and People's Alliance Leader Kris Austin are both in favour of an investigation.
Seamus O'hern
@Ralph Green ....so true....that is truly a waste of time.
Marc Martin
@Rejean Comeau
Where do you see I mention K. Arseneau in my comment ? You do know how to read right ?
Where do you see I mention K. Arseneau in my comment ? You do know how to read right ?
Marc Martin
@Ralph Green
Then why read and reply to my comments ?
Then why read and reply to my comments ?
Fred Brewer
@Marc Martin
"Where do you see I mention K. Arseneau in my comment ? "
It's true you did not mention Arseneau in your comment. But it is obvious that you omitted Arseneau because it totally destroyed the point you were trying to make. I think Rejean was just correcting your omission.
"Where do you see I mention K. Arseneau in my comment ? "
It's true you did not mention Arseneau in your comment. But it is obvious that you omitted Arseneau because it totally destroyed the point you were trying to make. I think Rejean was just correcting your omission.
David R. Amos
@Fred Brewer Methinks the SANB does not know when it is wise to clam up N'esy Pas?
Les Cooper
Why waste money with investigation?
No one will be held accountable at the end of day
No one will be held accountable at the end of day
Tom Simmons
@Les Cooper don't be so
pessimistic, let the truth come out. Even if no one is "held
accountable" by the laws, the people will know what happened and who was
involved.
@Les Cooper "No one will be held accountable at the end of day"
Methinks if a proper investigation were to provide proof of fraud then any taxpayer could sue the perpetrators on his own behalf N'esy Pas?
Methinks if a proper investigation were to provide proof of fraud then any taxpayer could sue the perpetrators on his own behalf N'esy Pas?
stephen blunston
it was out right plain lying
and deceiving by mr gallants buddys , if it wasn't they would have let
us know in 2018 when they found out it went gfrom 17m to 130 m and tried
to hide it from the nb people
David R. Amos
@stephen blunston YUP
wayne guitard
No need for an expensive
inquiry. The organizers low balled the bid to get the games, wrongly
assuming the Liberals were going to win the election, and that they
would be willing to shrug their shoulders at cost overruns and not dare
cross the Francophonie. And there you have it.
David R. Amos
@wayne guitard Methinks we should ask what we are paying the RCMP to do other than issue traffic tickets N'esy Pas?
Al Bekirkey
@David R. Amos they consistently decline jurisdiction
wayne guitard
Higgs just took a sledge hammer to the belief Moncton elites have who thought it would still be the status quo.
David R. Amos
@wayne guitard Please enjoy a
little Deja Vu that was in the news long before Mr Higgs ever won a
seat in the Legislature. Methinks a former Auditor Genera informed us
that the "Moncton elites" covered for the Progressive Conservative in
the past. The ex cop Carl Urquhart did say the people who were
responsible for that are still responsible yet nothing ever came of it
N'esy Pas?
https://www.cbc.ca/news/canada/new-brunswick/shippagan-caisse-bailout-could-have-been-avoided-ag-1.941042
"New Brunswick's auditor-general has issued a damning report on the taxpayer-funded bailout of the Caisse populaire de Shippagan, blaming the former Progressive Conservative government for failing to properly regulate the northern financial institution.
Auditor General Mike Ferguson released the 53-page report on Tuesday that also said a handful of senior managers at the caisse populaire covered up financial problems.
The Liberal government bailed out the northern caisse populaire in 2007 with a $37-million grant and another $16.5-million in guarantees.
The influx of government funds were to offset massive losses at the caisse populaire.
The report said it all could have been avoided."
"PC MLA Carl Urquhart played down the former Conservative government's failures when speaking on Tuesday.
"The fact that things were going on that was wrong. The people who were responsible for that are still responsible for that, whether it was stopped sometime along the way," Urquart said."
Green Party, People's Alliance want investigation into botched Francophonie Games bid
Two main parties don't see point of probing into how $17-million estimate was so inaccurate
The two upstart political parties in the New Brunswick legislature both say they'd like to see a committee of MLAs study what happened behind the scenes with the province's botched bid to host the Francophonie Games.
MLAs from the Green Party and the People's Alliance say they want members to investigate how the projected cost of the Games soared to $130 million, only to drop back to $62 million as organizers tried to stave off cancellation.
"We should be able to ask a lot more questions to a lot more people and ask what went wrong," said Green MLA Kevin Arseneau.
"If New Brunswick wants to ever host games like this again or any kind of event, what would be a normal process? What's the transparency New Brunswickers are asking for? I think there's a lot of good information that could come out of questioning this."
"No, I don't," PC Premier Blaine Higgs said Wednesday when he announced the cancellation of New Brunswick's plan to host the Games.
"Since this is such an isolated and exceptional thing … I don't see any interest in either spending money or time on this," she said.
LeBlanc made the comments on the CBC New Brunswick Political Panel podcast. She refused to do an interview on the issue afterward because she said her comments represented her personal opinion, not her party's position.
The previous Liberal government of Brian Gallant knew in April 2018 that the cost estimate for the 2021 Games, which would have taken place in Moncton and Dieppe, had soared to $130 million. That figure was concealed from the public until after the provincial election.
Gallant acknowledged in December that several people involved with the Games organizing committee were personal friends. He said he had recused himself from dealing with the event while still premier.
Arseneau said he would like to see the legislature's public accounts committee hold a hearing into the matter. The committee hears every year from government departments on how they spend money and run programs.
Alliance Leader Kris Austin said he'd favour a committee investigation as long as it didn't become too expensive.
Beyond "the number one question" of the soaring cost, "there seems to be some connections to the premier with people on the board, and I think those are legitimate questions," Austin said.
CBC News
The Francophonie Games mess, explained
The games have been cancelled. But what's the story behind the mess? 2:31
Higgs said the province would not spend more than its original commitment of $10 million, while the Trudeau Liberals said they'd only provide more federal funds to match an increase from New Brunswick.
"There was some political maneuvering in it, and if that comes out too [in an investigation], I think it's important for political culture," Arseneau said.
While Higgs ruled out an investigation Wednesday, his deputy premier Robert Gauvin told Radio-Canada he was "more and more" in favour of a probe that could cut through the "little political games" and establish the facts.
About the Author
With files from Information Morning Fredericton
https://www.cbc.ca/news/canada/new-brunswick/shippagan-caisse-bailout-could-have-been-avoided-ag-1.941042
Shippagan caisse bailout could have been avoided: AG
New
Brunswick's auditor-general has issued a damning report on the
taxpayer-funded bailout of the Caisse populaire de Shippagan, blaming
the former Progressive Conservative government for failing to properly
regulate the northern financial institution.
Auditor General Mike Ferguson released the 53-page report on Tuesday that also said a handful of senior managers at the caisse populaire covered up financial problems.
The Liberal government bailed out the northern caisse populaire in 2007 with a $37-million grant and another $16.5-million in guarantees.
The influx of government funds were to offset massive losses at the caisse populaire.
The report said it all could have been avoided.
Ferguson said Belonie Mallet, the institution's general manager, committed "irregularities" that covered up losses at the caisse populaire while he personally benefited.
"We believe that some of the actions of the former general manager, Mr. Belonie Mallet, caused financial harm to [caisse populaire] while at the same time appearing to be to his personal benefit," Mallet said
The report also indicates that the institution's board failed to provide proper oversight until it was too late.
But Ferguson also blames the former Bernard Lord government for failing to properly regulate the caisse populaire.
"Ultimately the government's regulation of [caisse populaire] failed. It failed as early as 1981 with the decision to allow [caisse populaire] to move to Credit Union Central; it failed to properly interpret the symptoms of serious trouble that it had before it in the late 1990s and early 2000s; and it failed to take appropriate action even when the organization responsible for inspections realized the gravity of the situation," the report said.
The report indicated the province's superintendent of credit unions, an employee in the Department of Justice and Consumer Affairs, took months and in some cases years to make decisions based on problems that should have been obvious.
The auditor general's report indicated those problems were partly the provincial government's fault because the superintendent was working part-time and had been ordered to focus on issues other than the caisse.
Ferguson said if the superintendent had acted between 2001 and 2003, when the Conservatives were in office, much of the losses might have been prevented.
"Had the superintendent taken action when [Credit Union Stabilization Fund and Risk Management Agency] recommended it, the total loss to New Brunswick taxpayers would probably have been about half of what it eventually was," the report said
PC MLA Carl Urquhart played down the former Conservative government's failures when speaking on Tuesday.
"The fact that things were going on that was wrong. The people who were responsible for that are still responsible for that, whether it was stopped sometime along the way," Urquart said.
Auditor General Mike Ferguson released the 53-page report on Tuesday that also said a handful of senior managers at the caisse populaire covered up financial problems.
The Liberal government bailed out the northern caisse populaire in 2007 with a $37-million grant and another $16.5-million in guarantees.
The influx of government funds were to offset massive losses at the caisse populaire.
The report said it all could have been avoided.
Ferguson said Belonie Mallet, the institution's general manager, committed "irregularities" that covered up losses at the caisse populaire while he personally benefited.
"We believe that some of the actions of the former general manager, Mr. Belonie Mallet, caused financial harm to [caisse populaire] while at the same time appearing to be to his personal benefit," Mallet said
The report also indicates that the institution's board failed to provide proper oversight until it was too late.
Government regulation failed
But Ferguson also blames the former Bernard Lord government for failing to properly regulate the caisse populaire.
"Ultimately the government's regulation of [caisse populaire] failed. It failed as early as 1981 with the decision to allow [caisse populaire] to move to Credit Union Central; it failed to properly interpret the symptoms of serious trouble that it had before it in the late 1990s and early 2000s; and it failed to take appropriate action even when the organization responsible for inspections realized the gravity of the situation," the report said.
The report indicated the province's superintendent of credit unions, an employee in the Department of Justice and Consumer Affairs, took months and in some cases years to make decisions based on problems that should have been obvious.
The auditor general's report indicated those problems were partly the provincial government's fault because the superintendent was working part-time and had been ordered to focus on issues other than the caisse.
Ferguson said if the superintendent had acted between 2001 and 2003, when the Conservatives were in office, much of the losses might have been prevented.
"Had the superintendent taken action when [Credit Union Stabilization Fund and Risk Management Agency] recommended it, the total loss to New Brunswick taxpayers would probably have been about half of what it eventually was," the report said
PC MLA Carl Urquhart played down the former Conservative government's failures when speaking on Tuesday.
"The fact that things were going on that was wrong. The people who were responsible for that are still responsible for that, whether it was stopped sometime along the way," Urquart said.
Up to $60M to go to Shippagan's credit union
The
New Brunswick government has set aside up to $60 million to save
Shippagan's financially strapped credit union but a taxpayer advocacy
group suggests the Liberals should be spending the money "in priority
areas."
The Caisses Populaire de Shippagan, which has been in financial trouble for the past three years, was placed under the control of the Central Credit Union of New Brunswick's risk management board in 2004 after a series of commercial loans were not repaid.
Last week, the Liberal government announced its plan to return the caisse to the security of the Fédération des caisses populaires acadiennes, more than 20 years after the two separated and the caisse joined the anglophone Central Credit Union of New Brunswick. However, the government didn't give financial details.
Boudreau wouldn't say how much of that $60 million will be injected into Shippagan's credit union or whether it's a grant, a loan or a loan guarantee. However, he has said the credit union's future depends on it.
The Caisses Populaire de Shippagan, which has been in financial trouble for the past three years, was placed under the control of the Central Credit Union of New Brunswick's risk management board in 2004 after a series of commercial loans were not repaid.
Last week, the Liberal government announced its plan to return the caisse to the security of the Fédération des caisses populaires acadiennes, more than 20 years after the two separated and the caisse joined the anglophone Central Credit Union of New Brunswick. However, the government didn't give financial details.
Boudreau wouldn't say how much of that $60 million will be injected into Shippagan's credit union or whether it's a grant, a loan or a loan guarantee. However, he has said the credit union's future depends on it.
Canadian
Taxpayer Federation said New Brunswickers should pay close attention to
the $60 million set aside, because it's roughly the same amount they'll
be paying in tax increases in 2007.
"I'd want to know why taxes are going up to pay for bailouts, as opposed to having governments spend money in priority areas," Williamson said Thursday.
"Governing is all about making choices and prioritizing spending. In this case, we have a government which has obviously decided that saving a credit union is worthwhile, despite the fact that no one from the province seems able to explain why it's in the province's interest, or why it's in the taxpayer's interest, to be spending this kind of money."
Opposition critic Bruce Fitch said he wants details now on how the province plans to save the credit union. "Sixty million dollars is a substantial amount of money and I'd like to know exactly what it is going to be used for," he said.
The province will release exact dollar amounts at a meeting with the Caisse de Shippagan on March 26.
Camille Theriault of the Fédération des caisses populaires acadiennes said that ignoring the struggling credit union was not really an option for government.
"What would happen is that the government would have to liquidate the Caisse Populaire de Shippagan and my impression is that that would be a lot more expensive than looking at the funds that would be involved in the rehabilitation of the Caisse Populaire de Shippagan," Theriault said.
The Shippagan caisse split with its Acadian counterparts in 1982 over a difference of opinion. It joined forces with the anglophone Central Credit Union of New Brunswick.
The Caisse de Shippagan is set to rejoin the federation in June.
"I'd want to know why taxes are going up to pay for bailouts, as opposed to having governments spend money in priority areas," Williamson said Thursday.
"Governing is all about making choices and prioritizing spending. In this case, we have a government which has obviously decided that saving a credit union is worthwhile, despite the fact that no one from the province seems able to explain why it's in the province's interest, or why it's in the taxpayer's interest, to be spending this kind of money."
Opposition critic Bruce Fitch said he wants details now on how the province plans to save the credit union. "Sixty million dollars is a substantial amount of money and I'd like to know exactly what it is going to be used for," he said.
The province will release exact dollar amounts at a meeting with the Caisse de Shippagan on March 26.
Camille Theriault of the Fédération des caisses populaires acadiennes said that ignoring the struggling credit union was not really an option for government.
"What would happen is that the government would have to liquidate the Caisse Populaire de Shippagan and my impression is that that would be a lot more expensive than looking at the funds that would be involved in the rehabilitation of the Caisse Populaire de Shippagan," Theriault said.
The Shippagan caisse split with its Acadian counterparts in 1982 over a difference of opinion. It joined forces with the anglophone Central Credit Union of New Brunswick.
The Caisse de Shippagan is set to rejoin the federation in June.
https://www.cbc.ca/news/canada/new-brunswick/31-5m-caisse-bailout-cheaper-than-failure-burke-says-1.647574
$31.5M caisse bailout cheaper than failure, Burke says
Consumer
Affairs Minister T.J. Burke is defending his government's $31.5 million
bailout of a struggling credit union, saying it would be more expensive
for New Brunswick if the financial institution folded.
"Had we not intervened, the Caisse Populaire de Shippagan may have had to face the possibility of liquidation, which could potentially have cost the taxpayers of New Brunswick in excess of $85 million," he said Monday.
The Liberal government's first budget, which came down this month, earmarked a possible $60 million to help stabilize New Brunswick's Credit Union system, and a maximum amount to stabilize the troubled Shippagan institution, which has lost $60 million over the past four years.
New Brunswick's superintendent of credit unions, Robert Penney, broke down the details of the funding Monday.
He said the governmentwill grant $31.5 million to the New Brunswick Credit Union DepositInsurance Corp., which will give the money to the stabilization board ofthe Fédération des caisse populaires acadiennes. The stabilization board will in turn grant it to the caisse.
Penneyalso said the province will grant another $18.5 million to the deposit insurance corporation, as a kind of life insurance for the credit union system.
Burke said the bailout was needed because legislation enacted under the previous Conservative government holds the province responsible for 100 per cent of all deposits if a credit union goes under.
The Liberals plan to introduce new legislation to change that, he said.
The Caisse Populaire in Shippagan will receive the government money June 1, when it will move from the anglophone Credit Union Central of New Brunswick federation back to the francophone federation, which it left after a dispute in the early 1980s.
"Had we not intervened, the Caisse Populaire de Shippagan may have had to face the possibility of liquidation, which could potentially have cost the taxpayers of New Brunswick in excess of $85 million," he said Monday.
The Liberal government's first budget, which came down this month, earmarked a possible $60 million to help stabilize New Brunswick's Credit Union system, and a maximum amount to stabilize the troubled Shippagan institution, which has lost $60 million over the past four years.
New Brunswick's superintendent of credit unions, Robert Penney, broke down the details of the funding Monday.
He said the governmentwill grant $31.5 million to the New Brunswick Credit Union DepositInsurance Corp., which will give the money to the stabilization board ofthe Fédération des caisse populaires acadiennes. The stabilization board will in turn grant it to the caisse.
Penneyalso said the province will grant another $18.5 million to the deposit insurance corporation, as a kind of life insurance for the credit union system.
Burke said the bailout was needed because legislation enacted under the previous Conservative government holds the province responsible for 100 per cent of all deposits if a credit union goes under.
The Liberals plan to introduce new legislation to change that, he said.
The Caisse Populaire in Shippagan will receive the government money June 1, when it will move from the anglophone Credit Union Central of New Brunswick federation back to the francophone federation, which it left after a dispute in the early 1980s.
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