Alberta's Heritage Fund
News and Updates4/22/2008
Alberta fund buys stake in Precision
Press release states, "Precision Drilling Trust (the Trust) and Precision Drilling Corporation (Precision) announced today a series of financing transactions to raise up to approximately C$380 million which will be used to strengthen the Trust’s balance sheet by refinancing and restructuring the debt incurred in the acquisition of Grey Wolf, Inc. that was completed in December of 2008." Precision Drilling Corporation announced a financial deal yesterday that will see Alberta’s provincial investment arm Alberta Investment Management Corporation (AIMCo) take a larger stake in the company.
read more: Precision Drilling - Press Release
The report, titled Preserving Prosperity: Challenging Alberta to Save, makes 17 recommendations to government, including beefing up financial assets in the Heritage Fund to $100 billion by 2030
According to the article,"Other key recommendations in the document include:
read more: Calgary Herald
Falling stocks slice $1B from Alberta's heritage savings fund
Falling stock prices have sliced roughly $1 billion from the value of Alberta's rainy-day savings account, the Heritage Savings Trust Fund. Finance Minister Iris Evans told the legislature Tuesday that the value of the Heritage Fund has been reduced to $16 billion since June, a drop of roughly six per cent. But she's downplaying the loss.
"That's a paper loss, it does not translate into an immediate loss," Evans said in an interview after commenting publicly on the Heritage Fund losses for the first time.
"That's the worst-case scenario."
Economist Mike Percy said with declines of 30 to 35 per cent in both the Toronto and Dow stock exchanges, it's not surprising that Alberta's Heritage Fund is also showing a considerable paper loss.
read more: Canadian Press
Savings strategy proposed to avert deficits, tax hikes
According to the Calgary Herald, "The head of a committee advising the province on how to invest its resource riches says the government must "impose" on itself a long-term savings plan rather than continue ad-hoc deposits into the provincial vault.
Today, the Heritage Fund's value stands around $16.4 billion, but is still worth less than it was in the 1980s once inflation is factored in. All told, the province has more than $30 billion in direct savings stashed away in various funds and investments."
read more: Calgary Herald
WebsiteAlberta Heritage Fund Website
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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