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QUESTION PERIOD — Finance

Canada Infrastructure Bank

June 22, 2021


Hon. Donald Neil Plett (Leader of the Opposition)

Leader, in a March 2017 Question Period, I asked about the role and the mandate of the Infrastructure Bank that the Trudeau government was about to create. Since then, Conservative senators have raised issues about the Infrastructure Bank a dozen times in Question Period, and we were always told everything is fine.

We learned last fall the Infrastructure Bank has paid $3.8 million of taxpayers’ money in termination benefits in the previous fiscal year. That is more, leader, than it paid in salary and benefits for all of its senior managers combined over the same period. We’ve also recently learned the Infrastructure Bank is refusing to comply with an order from a committee of the other place — sounds familiar — to disclose how much it spent on executive bonuses.

Leader, how much has the Infrastructure Bank spent in 2017 on bonuses and all forms of compensation? Will your government instruct the bank to provide the information to the House committee or do you think MPs are making excessive demands here as well?

Hon. Marc Gold (Government Representative in the Senate) [ - ]

I will certainly make inquiries into all aspects of those questions and be happy to report back.

Leader, of course, we are going to be rising for the summer pretty soon, so you won’t have to procrastinate too much longer. However, as we heard earlier, we might be sitting a little longer than you expected or maybe wanted to. You might give us an opportunity to ask again next week.

The Parliamentary Budget Officer, or PBO, has reported that four years after its creation, the Canada Infrastructure Bank has failed to attract much private sector funding, a key part of its mandate. The PBO has also reported that the infrastructure bank is unlikely to meet its objectives while still losing billions of taxpayers’ dollars each year.

Leader, since the beginning, the infrastructure bank has been very good at spending taxpayers’ money while not completing any projects — not one, leader.

Will you scrap the Canada Infrastructure Bank?

Senator Gold [ - ]

Thank you for your question. I have no information that indicates the government is planning to scrap the Canada Infrastructure Bank.

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