Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 11 - Minutes of Proceedings
OTTAWA, Thursday, October 3, 1996
(19)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:05 a.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the Committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kenny, Kirby, Meighen, Perrault, P.C. and Stewart. (7)
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division.
Also present: The official reporters of the Senate.
WITNESSES:
From General Electric Capital Canada Inc.:
Mr. Michael Davies, Vice-President & General Counsel;
Mr. Bob Weese, Vice-President, Government Affairs;
Ms J. Diane Hébert, Vice-President, Legal Affairs, Equipment Financing;
Mr. David S. Brennan, Vice-President and General Manager;
Mr. Leslie J. Battrick, Vice-President and Counsel; and
Mr. Armin Sachse, Vice-President, Marketing, Equipment Financing.
From Wells Fargo Bank, NA:
Mr. Gadi Meir, Project Leader and Senior Financial Consultant, Business Banking Group; and
Ms Louise S. Pelly, Counsel from Gowlings, Strathy & Henderson.
From the Co-operators Group Limited:
Mr. Terry Squire, President and Chief Executive Officer of The Co-operators Group Limited, Co-operators Financial Services Limited, Co-operators General Insurance Company and Co-operators Life Insurance Company;
Mr. Lorne Motton, Vice-President Finance and Controller for Co-operators General; and
Mr. Frank Lowery, Vice-President, General Counsel and Secretary.
From the Canadian Real Estate Association:
Mr. Pierre Beauchamp, Chief Executive Officer;
Ms Shirley A. Taylor, Manager, External Relations; and
Mr. Martin Laplante, Consultant, RES Policy Research Inc.
From Life Underwriters Association of Canada:
Mr. Hal D. Couillard, Past Chair;
Mr. David J. Thibaudeau, President; and
Mr. William T. Babcock, Vice-President, Public Affairs.
Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada and in particular its review of financial sector legislation.
Mr. Michael Davies made an opening statement and then, along with Ms. J. Diane Hébert and Messrs Bob Weese and Armin Sachse, answered questions.
Ms Louise S. Pelly made an opening statement and then, along with Mr. Gadi Meir, answered questions.
Mr. Terry Squire made an opening statement and then, along with Messrs Lorne Motton and Frank Lowery, answered questions.
Mr. Pierre Beauchamp made an opening statement and then answered questions.
Mr. Hal D. Couillard made an opening statement and then, along with Mr. William T. Babcock, answered questions.
At 11:55 a.m. the Committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Thursday, October 3, 1996
(20)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 2:05 p.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the Committee present: The Honourable Senators Kenny, Kirby, Meighen and Perrault, P.C.. (4)
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division.
Also present: The official reporters of the Senate.
WITNESSES:
From the Task Force of Schedule II Foreign Banks :
Mr. Fred Buhler, Chair, Legislative Reform Task Force of the Schedule II Foreign Banks and Chairman and Chief Executive Officer, Bank of America Canada;
Mr. Willem Veger, President and Chief Executive Officer, ABN AMBRO Bank Canada; and
Mr. Kenichiro Tanaka, President and CEP, Fuji Bank Canada.
From Deutsche Bank Canada:
Mr. Stephen von Romberg-Droste, President and Chief Executive Officer; and
Mr. Barry Munholland, Senior Vice-President and Managing Director.
From Association coopérative d'économie familiale:
Ms Louise Rozon, General Manager;
Mr. Eric Fraser, Responsable du service d'aide aux consommateurs;
Mr. Jacques St-Amant, Research Counsel; and
Mr. Sidney Ribaux, Project Coordinator.
From Task Force on the Churches and Corporate Responsibility:
Mr. Bill Davis, Manager, Taskforce's dossier on Banking Access for Low-income groups;
Rev. Dalton Jantzi, ordained minister, Mennonite Church of Eastern Canada; and
Mr. Bernard Dufresne, Co-Director, Social Affairs Office, Conference of Catholic Bishops of Canada.
From the National Anti-Poverty Organization:
Ms. Lynne Toupin, Executive Director.
From the Retail Council of Canada:
Ms Diane Brisebois, President & CEO;
Mr. Ken Morrison, Banking Consultant and President, Ken Morrison Consulting Inc.; and
Mr. Ray Bird, Chairman, Banking Committee and Vice-President, Credit, Sears Canada Inc.
From Trimark Investment Management Inc.:
Mr. Brad Badeau, Senior Vice-President and Chief Financial Officer.
Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the Committee resumed its examination into the state of the financial system in Canada and in particular its review of financial sector legislation.
Messrs Fred Buhler, Willem Veger, Kenichiro Tanaka and Stephen Frhr. von Romberg Droste zu Senden made opening statements and then, along with Mr. Barry Munholland, answered questions.
Mr. Bill Davis, Ms. Louise Rozon and Ms. Lynne Toupin made opening statements and then, along with Rev. Dalton Jantzi, Messrs Eric Fraser, Jacques St-Amant and Sidney Ribaux, answered questions.
Ms Diane Brisebois made an opening statement and then, along with Messrs Ken Morrison and Ray Bird, answered questions.
Mr. Brad Badeau made an opening statement and then answered questions.
At 4:50 p.m. the Committee adjourned to the call of the Chair.
ATTEST:
Paul Benoit
Clerk of the Committee