Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 37 - Minutes of Proceedings
TORONTO, Tuesday, November 3, 1998
(73)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 9:00 a.m. in the Royal Sutton Ballroom, Sutton Place Hotel, Toronto, the Chair, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Austin, P.C., Callbeck, Hervieux-Payette, P.C., Kelleher, P.C., Kenny, Kirby, Kroft, Oliver, Poy and Tkachuk (11).
Other senator present: The Honourable Senator Di Nino.
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.
Note: Neither Senator Kelleher nor Meighen were present for the testimony of the Association of Schedule II Banks.
WITNESSES:
From the Association of Schedule II Banks:
Mr. Gennaro Stammati, President and Chief Executive Officer, Banca Commerciale Italiana of Canada;
Mr. Harvey S. Naglie, President and Chief Executive Officer, Bankers Trust;
Mr. Theo J. Bark, President and Chief Executive Officer, ABN-AMRO Bank Canada;
Mr. William Randle, Assistant General Counsel and Foreign Bank Secretary, Canadian Bankers Association; and
Mr. Jeffrey S. Graham, Borden & Elliot.
From the Trust Companies Association of Canada:
Mr. Gerald Soloway, Chairman, Trust Companies Association of Canada and Chairman, President and Chief Executive Officer, Home Savings & Loan Corporation;
Mr. Warren Hannay, President and Chief Executive Officer, Peace Hills Trust;
Mr. Glen King, Vice-President and Chief Financial Officer, Fortis Trust; and
Mr. Joseph Chertkow, Director, Legislation and Policy, Trust Companies Association of Canada.
From First Annapolis Consulting:
Mr. Frederick A. White, President.
As an individual:
Mr. Michael Mackenzie.
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. Stammati made an opening statement and then, along with other witnesses, answered questions.
Mr. Soloway made an opening statement and then answered questions.
Mr. White made an opening statement and then answered questions.
Mr. Mackenzie made an opening statement and then answered questions.
At 12:30 p.m. the committee adjourned to the call of the Chair.
ATTEST:
TORONTO, Tuesday, November 3, 1998
(74)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 1:00 p.m. in the Royal Sutton Ballroom, Sutton Place Hotel, Toronto, the Chair, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Austin, P.C., Callbeck, Hervieux-Payette, P.C., Kelleher, P.C., Kenny, Kirby, Kroft, Meighen, Oliver, Poy 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.
Note: Senator Meighen and Senator Kelleher withdrew from participating in the discussion with Deutsche Bank.
WITNESSES:
From the Office of the Superintendent of Financial Institutions:
Mr. John Palmer, Superintendent; and
Mr. Nick Le Pan, Deputy Superintendent, Supervision.
From the Canadian Imperial Bank of Commerce:
Mr. Al Flood, Chairman and Chief Executive Officer; and
Mr. Holger Kluge, President of Commercial Banking.
From the Deutsche Bank Canada:
Mr. Nicholas Zelenczuk, President and Chief Executive Officer; and
Ms Michele McCarthy, Chief Legal Officer and Corporate Secretary.
As an individual:
Dr. Joseph Wong.
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. Palmer made an opening statement and then, along with Mr. Le Pan, answered questions.
Mr. Flood made an opening statement and then, along with Mr. Kluge, answered questions.
Mr. Zelenczuk made an opening statement and then answered questions.
Mr. Wong made an opening statement and then answered questions.
At 5:00 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Gary Levy
Clerk of the Committee