The Quebec government is expected to reveal this week one of the most guarded documents of the 1995 Quebec referendum campaign on sovereignty.
The document was branded Plan O by the media. It outlines, in detail, how then-premier Jacques Parizeau's Parti Québécois government had set aside $17-billion to buy up Quebec bonds it anticipated would be dumped on the market by nervous investors after a referendum victory by the sovereigntists.
Plan O included two columns: One listed the various institutions, that would have contributed to the reserve fund; the other column listed the amount each institution had available for the operation.
The investment list included institutions such as the Caisse de dépôt et placement du Québec, the Hydro-Quebec pension fund or the province's workers compensation board.
"It was the normal thing to do in order to protect against those who may be tempted to create panic on the financial markets," Mr. Parizeau said in an interview.
"We would have let the bonds drop to a certain value and we would have intervened on the market to buy them at a lower price and then sell them later. We would have made a lot of money."
Mr. Parizeau explained that the financial markets at the time had already factored in a possible Yes vote for sovereignty in the referendum.
It was generally recognized that the bonds would have returned to their original value shortly after the vote, allowing the government to resell them and reap huge profits.
The operation appeared so attractive that the Laurentian Bank, the National Bank and the Mouvement Desjardins were all prepared to intervene on the bond market with an almost equal amount in reserves.
Other financial corporations, such as Merrill-Lynch, were also prepared to piggyback on the operation with several billion of their own dollars.
Financial experts, including the C.D. Howe Institute in a 1998 study, said that the PQ government acted responsibly in creating the reserve. In fact, it has also been reported that the Bank of Canada and the Quebec government exchanged information throughout the months leading up to the referendum to prepare for any major disruptions with Canadian currency in the event of a sovereigntist victory.
Mr. Parizeau reiterated that Plan O should be made public and would serve as an important tool in the preparation of any future referendum.
However Plan O also contains sensitive and confidential information about the Quebec government's strategy on the financial market.
While in opposition, the Liberals failed in their bid to have the Access to Information Commission release Plan O in 1998, largely because the Finance Ministry feared speculators could use the information against the Quebec government in future transactions.
"It must remain confidential," Justin Paquet, vice-president of international markets at the brokerage firm Lévesque, Beaubien, Geoffrion, said at the time.
"It would be like having the best paint manufacturer indicate on its labels the recipe that describes how the paint is produced."
But last week, Premier Jean Charest ended up with little choice but to release Plan O.
During a heated exchange in the National Assembly last Thursday, PQ Leader Bernard Landry demanded that Mr. Charest strongly condemn Ottawa's use of a multimillion dollar fund to promote national unity.
Federal Finance Minister Ralph Goodale abolished the fund last week when he tabled his budget.
Mr. Charest responded by arguing that Plan O was as reprehensible as the federal national unity fund, since both were a waste of public funds for political purposes. He said Mr. Landry would be more credible if he also asked that Plan O be made public.
"Not only do I authorize you to do it, but I am also asking you to do it," Mr. Landry told Mr. Charest.
The document could have been released the same day.
Yet the Premier hesitated, perhaps having second thoughts about making public all the information in Plan O because, like the PQ, the Liberals may fear this could harm the government's dealings on the financial markets.
More important, it appeared odd that Mr. Charest, who has the power to release whatever document he desires, would ask the leader of the opposition permission to reveal a plan that the Liberals have wanted to make public for so long.
"Why is he asking the opposition? They aren't the ones who can make it public," Mr. Parizeau said.
"When it comes to public finances, Mr. Charest doesn't yet seem convinced that he is now Premier."