Canada Account Annual Report 2017-2018 (EDC Investments)

Summary

• The position against the statutory limit of $20 billion was $1,657 million at March 31, 2018, down from $3,020 million a year earlier.p.6
• Automotive industry loans and notes receivable of $1.1 billion and accrued interest of $1 billion were written off.p.5
• A reversal of provision for credit losses of $96 million was recorded.p.5
• Commercial exposure was 44% and sovereign exposure 56% of the total.p.8
• Net income was $91 million, compared with $278 million the year before.p.11

Key insights

1. Transactions exceeding $50 million or of a sensitive nature are first referred to Cabinet for approval-in-principle.p.3
2. The overall USD exposure decreased primarily due to loan write-offs in the automotive industry and loan repayments.p.8
3. Fixed-rate loans were 78% of the loan portfolio, up from 51%.p.9
4. A total of $267 million was remitted to the Consolidated Revenue Fund.p.12