20 December 2008
Toronto, ON
CHECK AGAINST DELIVERY
“Good morning.
“Yesterday, the United States government announced a short-term financing package for troubled automakers. We recognize that an integrated industry requires an integrated approach, and we have been working closely with the U.S. administration in the development of our response.
“I am pleased that Premier McGuinty and the government of Ontario have been full partners in this endeavour. Today, the Premier and I are announcing the fulfillment of Canada’s commitment to providing 20 per cent of the U.S. support package, representing the Canadian portion of the industry, in the form of renewable loans payable to Canadian subsidiaries of the Detroit-based auto manufacturers.
“Beyond matching the steps taken by the United States, the government of Canada will also take two additional measures:
- We will extend additional account receivable insurance coverage for automotive suppliers, through the Export Development Corporation.
- And we will create a new facility to support access to credit for consumers.
Taken together, these measures demonstrate that Canada is taking a holistic approach along the supply chain – manufacturers, suppliers, and consumers.
“Today’s announcement is not a blank cheque. Canadian taxpayers expect their money will be used to restructure and renew the automotive industry in this country, they expect all stakeholders will come to the table and work together toward sustainable long-term solutions, and they expect that Canada will maintain our current production share of the North American market.
“This is a regrettable, but necessary step to protect the Canadian economy. As I have said before, the government of Canada will take whatever actions are necessary to weather this economic storm. And to position Canada to emerge stronger than ever before.
“Thank you.”
