Proceedings of the Standing Senate Committee on Banking, Trade and Commerce

Second Session Thirty-fifth Parliament, 1996

Chairman: The Honourable MICHAEL KIRBY

Tuesday, October 1, 1996

Issue No. 9

Tenth and Eleventh meetings on: Examination of the present state of the financial system in Canada

WITNESSES:

Morning sitting

From the Credit Union Central of Canada:

Mr. William Knight, Chief Executive Officer.

From the Canadian Bankers Association:

Mr. Gordon J. Feeney, Chairman, Executive Council, Canadian Bankers Association and Vice-Chairman, Royal Bank of Canada;

Mr. Raymond J. Protti, President and Chief Executive Officer;

Mr. Douglas W. Melville, Director, Commercial and Regulatory Affairs; and

Mr. David E. Phillips, Vice-President, General Counsel and Secretary.

From the Insurance Brokers Association of Canada:

Mr. Rod Jones, President;

Mr. Rick Frost, Chairman, Financial Institutions Committee;

Ms Joanne C. Brown, Executive Director; and

Mr. André Bois.

Afternoon sitting

From Norwest Financial, Inc:

Mr. John van Leeuwen, President, Trans Canada Credit Corporation;

Mr. Nick Scarfo, Assistant Vice-President and General Counsel, Trans Canada Credit Corporation;

Mr. Steve Wagner, Assistant General Counsel, Norwest Financial, Inc.; and

Mr. Richard C. Owens, Partner, Smith Lyons.

From the Capital One Financial Corporation:

Mr. David M. Willey, Vice-President and Treasurer;

Mr. Christopher T. Curtis, Associate General Counsel; and

Mr. Richard C. Owens, Partner, Smith Lyons.

From the Association des intermédiaires en assurance de personnes:

Ms Anne-Marie Beaudoin, Senior Counsel;

Mr. Alain Poirier, First Vice-President; and

Mr. Denis Savard, Chairman of the Board.

From the Canadian Institute of Actuaries:

Mr. Harry H. Panjer, President Elect;

Ms Claudette Cantin, Vice-President; and

Mr. Morris W. Chambers, Chairperson of the Task Force on Insurance Legislation.

From Beneficial Canada Inc:

Mr. Jean Bédard, Vice-President, General Counsel and Secretary.

From Avco Financial Services Canada:

Ms Diane Wolfenden, Director, Communications and Community Relations; and

Mr. Scott Furlonger, Vice-President and Controller.

From Household Financial Corporation:

Mr. Terry Cretney, Treasurer.

From the Canadian Association of Retired Persons:

Ms Lillian Morgenthau, President; and

Mr. Rolf Calhoun, Chapter Head.

From One Voice - The Canadian Seniors Network:

Mr. Robert Armstrong, Member, Issues Committee.

From Power Financial Corporation:

Mr. James W. Burns, Deputy Chairman of Power Corporation of Canada and Director of Power Financial Corporation; and

Mr. Edward Johnson, Vice-President, General Counsel and Secretary.

MEMBERS OF THE COMMITTEE

The Honourable Michael Kirby, Chairman

The Honourable W. David Angus, Deputy Chairman

and

The Honourable Senators:

Austin, P.C.,* Fairbairn, P.C. (or Graham), Hervieux-Payette, P.C., Kelleher, P.C., Kenny, Kolber, * Lynch-Staunton (or Berntson), Meighen, Perrault, P.C., St. Germain, P.C., Simard, Stewart

* Ex Officio Members

(Quorum 4)