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speakup

To The Editor:

Despite the criticisms raised by Michael Tutton in his Canadian Press (CP) article of March 24, let me assure your readers that the Atlantic Canada Opportunities Agency is managing taxpayers' money responsibly while helping to build a modern, productive and competitive economy in Atlantic Canada.

The article could lead the reader to believe that ACOA both approved and wrote off the loans referenced in the article between April 1, 2006 and March 31, 2007, which would be completely misleading.

Let me be clear, the greatest portion of the loans written off -- nearly 97 per cent -- were approved in the decade leading up to 2005.

The fact is, ACOA is not a bank -- it is in the business of economic development.

It supports critical activities such as business productivity and innovation, areas where traditional lending institutions have left a big gap. Considering this mandate, ACOA's current loan default rate, between three and four per cent, is extremely conservative and I am proud of this result.

ACOA's staff are diligent and principled. ACOA takes action and pursues all possible avenues to recoup the taxpayer's investment before deciding to write off accounts.

These types of situations represent a very small proportion of ACOA clients -- the vast majority of clients make their loan repayments on schedule.

Our government is providing responsible leadership. We promised Canadians to invest their hard-earned tax dollars in programs that meet their needs, provide value for money and deliver real results.

I can assure your readers that with ACOA we are doing just that.

Hon. Peter MacKay,

Minister of the

Atlantic Canada

Opportunities Agency,

Ottawa, Ont.

(Via e-mail)