BC Attorney General David Eby didn't mince words when he addressed the staggering debt being reported by Insurance Corporation of British Columbia, calling it a "financial dumpster fire" adding news ICBC is on track for a $1.3-billion-dollar loss by April is an "unnecessary crisis''.
Eby blames the previous Liberal government for the situation saying 16 years of Liberal governments milked the Crown corporation for over a billion dollars, then rejected and covered up recommendations made in a scathing Ernst and Young report 3 years ago.
" I note that before the election the previous government told British Columbians their projection for ICBC's losses was $11-million. ICBC's year end loss is now projected to hit $1.3-Billion, which is almost exactly the amount the BC Liberal government siphoned out of ICBC".
He says the situation is so serious that drivers in B-C would have to pay $400 more just to help ICBC break even.
Eby says that's not affordable, and so won't be permitted under the NDP. He says his government will be introducing major initiatives this spring such as raising premiums for high-risk drivers, reducing them for drivers with good records, and finding ways to cut legal and autobody repair costs.
Speaking on CFAX former Liberal Finance Minister Mike De Jong says the problems have been known for a couple of years, and the Liberals were taking steps to try an curtail them -- something he says the NDP are failing to do:
"The NDP came to office last summer. They were well aware, they had reports on their desk. Mr. Eby was supposed to take specific action, didn't. And now all he wants to do is blame others. Well if he can't deal with the problem maybe he should get out of the way and maybe Mr. Horgan will appoint someone that will deal with it"
De Jong -- who is one of those running for his party's leadership -- says transferring dividends hasn't occurred for a couple of years, but adds it isn't unusual if a corporation is showing a profit as ICBC's optional side used to.
He notes last year the government transferred over $2.3-Billion from the BC Lottery Corporation and BC Liquor Distribution branch.