Friday, November 8, 2013

Ritz chooses to outsiders for Farm Credit Canada

Agriculture Minister Gerry Ritz is reaching outside of the agriculture community for two appointees to three-year terms and directors on the board of Farm Credit Canada.

He has chosen Jamie Muir, a veteran Nova Scotia cabinet minister who held several portfolios before being named finance minister, and Colin May, a securities lawyer with Miller Thomson is Calgary.

Farm Credit Canada is a crown corporation that lends to farmers. It’s portfolio of loans has been skyrocketing to close to $26 billion.

Both land and quota prices have been rising to record highs and Farm Credit Canada is the main source of long-term credit for Canadian farmers.

Its borrowings to extend loans to farmers are backed by the federal government.