The Pork Barrel Casino: More Than Half of Provincial Growth Fund Loans at Risk

The Taxpayers’ Union is calling out Crown Regional Holdings (formerly the Provincial Growth Fund) after a new report revealed more than 54 percent of its $257 million loan book is at risk of default or impairment and three more recipients have gone into liquidation since the report was finalised.

Taxpayers’ Union Spokesman Rhys Hurley said:

“This isn’t economic development, it’s taxpayer roulette. When more than 54 percent of your loan book is at significant risk, you’re not investing, you’re gambling with taxpayers money.”

“If the chair of this group says that no bank would go near these projects, why is the Government stepping in with its chequebook drawn? The PGF was always about pork barrel politics, picking winners for political convenience, not economic merit.”

“The days of pork barrel politics have gone on too long, it’s time to shut the casino down.”