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BC Liberals borrowed $3 million to pay for campaign

The BC Liberal Party spent more than it brought in when it upset the NDP in May's provincial election.

The Liberals reported $8,552,791 income and spending of $11,754,661 in campaign financing documents published Aug. 19 by Elections BC.

The Liberals received $3 million in loans from CIBC, Scotiabank, Canadian Western Bank and TD at a prime plus 2.25 per cent interest rate on April 5. The individual $750,000 loans are due May 30, 2016.

CIBC, Scotiabank, RBC and TD loaned $1.25 million each to the party's 2009 election. Those loans were due Dec. 1, 2012. In 2009, the Liberals raised $9,515,830 and spent $12,115,365 for a deficit of nearly $2.6 million.

By comparison, the NDP reported in its filings about the 2013 campaign that it had $153,203 outstanding on a $1 million line of credit with Community Savings, plus $1.2 million credit facility and $575,000 term loan with Vancity.

During the 60 days before the campaign, the Liberals spent $218,887 on advertising. The party reported $2,805,292 spent on advertising during the campaign.

The NDP spent a little less at $2,637,730.93 during the campaign, but almost double before the campaign at $401.508.88. Overall, the NDP reported $9,704,487.56 in income and spending of $9,408,275.99.

The Liberals' pre-campaign Premier's Dinner at the Vancouver Convention Centre on April 8 grossed $704,400 for 1,431 tickets sold. After expenses, the party netted $489,085.81.

Vancouver journalist Bob Mackin is a frequent Tyee contributor.

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