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

Issue 30 - Minutes of Proceedings

OTTAWA, Wednesday, October 7, 1998
(55)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 2:00 p.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Angus, Callbeck, Joyal, P.C., Kelleher, P.C., Kenny, Kirby, Kroft, Meighen, Oliver, Stewart and Tkachuk (11).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Gerry Goldstein, Director Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Bank of Nova Scotia:

Mr. Peter Godsoe, Chief Executive Officer.

From Canada Trust:

Mr. Ed Clark, Chief Executive Officer; and

Ms Greta Wemekamp, Government Relations.

From GE Capital Canada and the Canadian Finance & Leasing Association:

Mr. Michael N. Davies, Vice-President and General Counsel, GE Capital Canada;

Mr. Robert D. Weese, Vice-President, Government and External Relations, GE Capital Canada;

Mr. Roman Oryschuk, President and CEO, GE Capital Canada Equipment Financing;

Mr. David Powell, President, Canadian Finance & Leasing Association; and

Mr. Tom Simmons, Chairman, Canadian Finance & Leasing Association.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of the Task Force on the Future of the Canadian Financial Services Sector. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Mr. Godsoe made an opening statement and then answered questions.

Mr. Clark made an opening statement and then answered questions.

Mr. Davies made an opening statement and then, along with other witnesses, answered questions.

At 6:45 p.m., the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Thursday, October 8, 1998
(56)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:00 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Angus, Callbeck, Joyal, P.C., Kelleher, P.C., Kenny, Kirby, Kolber, Kroft, Meighen, Oliver, Stewart and Tkachuk (12).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Gerry Goldstein, Director Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Credit Union Central of Canada:

Mr. William Knight, President and Chief Executive Officer;

Mr. Jonathan Guss, Chief Executive Officer, Ontario Credit Union Central; and

Mr. Bob Quart, President and Chief Executive Officer, VanCity Savings.

From the Bank of Montreal:

Mr. Mathew Barrett, Chief Executive Officer;

Mr. Tim O'Neill, Executive Vice-President and Chief Economist; and

Mr. Al McNally, Chairman and Chief Executive Officer, Harris Bankcorp Inc., Chicago.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of the Task Force on the Future of the Canadian Financial Services Sector. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

Mr. Knight made an opening statement and then, along with Messrs Guss and Quart, answered questions.

Mr. Barrett made an opening statement and then, along with Messrs O'Neill and McNally, answered questions.

At 12:30 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Gary Levy

Clerk of the Committee