Senator Ringuette: Clause 352 provides for the Minister of Finance not only to approve the guarantees of securities to be sold by CMHC, but it also gives the Minister of Finance the authority to set a fee. Therefore, we have the Minister of Finance setting a fee to a Crown corporation so that Crown corporation can issue security to secure mortgages.

9 (1) No parcel of land, or interest therein, at any time acquired by the Corproation and not required for its actual use and occupation, and not held by way of security, shall be held by the Corporation, or by any trustee on its behalf, for a longer period than ten years after the acquisition thereof, or for a longer period than ten years after it shall have ceased to be required for the actual use and occupation by the Corporation, whichever shall be the longer period, but shall, at or before the expiration of such period, be absolutely sold or disposed of, so that the Corporation shall no longer retain any interest or estate therein, ...[+++]except by way of security (2) The Secretary of State may direct that the time for the sale or disposal of any such parcel of land, or any estate or interest therein, shall be extended for a further period or periods not to exceed five years (3) The whole period during which the Corporation may hold any such parcel of land, or any estate or interest therein, under the foregoing provision of this section, shall not exceed fifteen years after the date of the acquisition thereof, or after it shall have ceased to be required for the actual use or occoupation by the Corporation, whichever shall be the later date.

8. Takes the view that not only two-tier asset-backed commercial papers should be authorised as eligible assets, and calls, therefore, on the Commission, having due regard to the fourth indent of Article 19(1)(h) of the UCITS-III Directive, also to allow other asset-backed commercial papers as UCITS assets;

8. Takes the view that not only two-tier asset-backed commercial papers should be authorised as eligible assets, and calls, therefore, on the Commission, having due regard to the fourth indent of Article 19, paragraph 1(h) of the UCITS-III Directive, also to allow other asset-backed commercial papers as UCITS assets;

15. Notes that the use of external ratings in expanding the range of collateral will potentially benefit non-rated as well as rated enterprises; the new risk mitigation proposals will involve reduced regulatory capital charges where businesses (whether rated or not) offer bonds in rated companies as collateral;

On the "revenue" side, the Council agreed to: - the entering of the surplus available from the previous financial year as proposed by the Commission (the figure for the estimated surplus from 1994 was updated by the Commission on 2 March 1995, bringing it to ECU 6 589 million); - the amount requested by the Commission in respect of the foreseeable refund to the Member States under the 3rd and 4th resources, following the overvaluation of the VAT and GNP bases for 1994 (the Commission put the total refund at ECU 1 923 million); - the entry of three headings by way of "guarantee ...[+++]s" - R-8291 (Ukraine), R-8292 (Belarus) and R-834 (South Africa) - to enable payments from the Guarantee Fund to be taken into account.